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General Update
MAT on the latest Bank of England figures
Findings from National Debtline show more than one in three callers to its service said they regularly use credit to pay for essential household bills. Net borrowing of consumer credit by individuals rose to £1.9 billion in January 2024, from £1.3 billion in December 2023. This was mainly driven by higher borrowing through credit cards, which rose from £0.3 billion in December to £0.9 billion in January. Net borrowing through other forms of consumer credit (such as car dealership finance and personal loans) also increased slightly, from £0.9 billion in December to £1.0 billion in January.
The next review of interest rates by the Bank of England is 21 Match 2024.
Link: https://moneyadvicetrust.org/latest-news/high-costs-continuing-to-hit-households-hard-as-borrow...
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