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Advice warns borrowers about traps when they miss credit card payments
The Bank of England says lenders expect unpaid credit card debts to rise this autumn as household bills stretch finances.
BBC Business reports that an increasing number of people are missing credit card repayments as finances are pressured by higher bills, citing the Bank of England.
The outlet adds that lenders told the Bank of England they expect unpaid credit card debt numbers to keep rising this autumn, which may increase demand for help and advice on dealing with debts.
BBC Business cautions borrowers to be wary of “quick fix” debt solutions promoted through social media, internet searches, or unsolicited messages, noting that some can involve upfront fees, unrealistic promises about writing off debt, and pressure to make quick decisions.
The story also highlights that impartial, authorized debt advice is available free of charge from debt charities, and directs readers to the government-backed Moneyhelper website to check whether a firm offering debt help is authorized.