Wednesday, May 4, 2022

Households must take on more credit card debt as the cost of living increases

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A new report says struggling households will increasingly use credit cards to pay bills and essential purchases as the cost of living soars this year.

The EY Item Club is forecasting a “significant” increase in credit card debt and unsecured loans, reversing a trend that has seen consumers pay down debt during the pandemic.

Consumer credit is expected to rise by £16bn this year, up 7.9 per cent, followed by a 5.5 per cent rise in 2023.

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