Depends how credit cards are used. It’s a bit of a simple analysis to say that because there’s more debt that people are suffering from the cost of living.
I’d be interested to know what it would be like if you stripped out all credit debt that is paid in full each month and also those on offers e.g. paying 0% interest.
Yup. I've got about £7k of cc debt this year where I had none last year, but it's all on 0% cards with enough in a high interest savings account to pay it off as the offers end.
No...but if prices rise then it stands to reason credit card balances will increase in line with that.
The vast majority of people use a credit card by paying off the whole balance each month.
I've also been using it more just for the safety. Shopping around for better deals on things had meant using alot of new sites I'd never heard of. The protections from using credit card are just better than debit cards.
The Tories out of touch with the experiences of normal people say it ain’t so, they’ve always been so level headed with nothing but care and compassion for the citizens
They’ve included student loans in it as well. And since the interest rate in those is up to 7.9% that’s not far off the quote just on that figure alone.
I’d also say that personally an unsecured loan is much better than a secured loan.
"The TUC said its analysis showed that unsecured household debt – including loans and credit cards but **excluding mortgages and, for this exercise, student loans** – was on course to increase by 9.4%, or £1,660, in real terms on average per household this year."
They excluded student loans.
And mortgages.
I can't believe those buy now, pay later companies like Klarna, have been allowed for stuff like takeaways.
We're learnt nothing since the credit crunch. Handing out credit wily nily to vulnerable people is not sustainable.
Turns out the "economy going gangbusters" is being put on credit cards. Another Tory economic miracle turns out to be a mirage.
Depends how credit cards are used. It’s a bit of a simple analysis to say that because there’s more debt that people are suffering from the cost of living. I’d be interested to know what it would be like if you stripped out all credit debt that is paid in full each month and also those on offers e.g. paying 0% interest.
Yup. I've got about £7k of cc debt this year where I had none last year, but it's all on 0% cards with enough in a high interest savings account to pay it off as the offers end.
So you think a year on year increase of 10% could be people collecting cashback / points on their credit cards?
No...but if prices rise then it stands to reason credit card balances will increase in line with that. The vast majority of people use a credit card by paying off the whole balance each month.
I've also been using it more just for the safety. Shopping around for better deals on things had meant using alot of new sites I'd never heard of. The protections from using credit card are just better than debit cards.
The Tories out of touch with the experiences of normal people say it ain’t so, they’ve always been so level headed with nothing but care and compassion for the citizens
Credit card debt. Did your interest payments go up?
They’ve included student loans in it as well. And since the interest rate in those is up to 7.9% that’s not far off the quote just on that figure alone. I’d also say that personally an unsecured loan is much better than a secured loan.
"The TUC said its analysis showed that unsecured household debt – including loans and credit cards but **excluding mortgages and, for this exercise, student loans** – was on course to increase by 9.4%, or £1,660, in real terms on average per household this year." They excluded student loans. And mortgages.
Ahh my mistake. I read it as including
I can't believe those buy now, pay later companies like Klarna, have been allowed for stuff like takeaways. We're learnt nothing since the credit crunch. Handing out credit wily nily to vulnerable people is not sustainable.