Inflation rate rises ‘leading to more debts’
Rises in the rate of inflation across the country are prompting many people to take on more debt, it has been claimed.
According to Chris Tapp, director of the Credit Action charity, consumers are being obliged to spend more on their everyday living expenses and as a result are turning more often to credit card debt to fund their outgoings.
Rising food and energy prices leave some households with little choice but to borrow to get by and this can often spark a spiral of debt management
"This is a very worrying scenario to find yourself in and at that point - when you start using your credit card as a necessity, or you're unable to pay it off month by month - you should go and get help, he said.
Figures compiled recently by Credit Action revealed that the overall personal debt mountain in the UK is now worth in excess of £1,400 billion.
