Nearly 5 million people have still not paid off their store and credit card bills from a year ago, and the country has total credit debt of £65 billion. 2.3 million people in Britain take loans at excessively high interest rates, from door-to-door lenders, because, due to their credit history, it is the only way they can borrow money.
Now, we're told that it will even worse in January and February of 2008.
Martin Lewis, of moneysavingexpert.com, said: "Will credit card rates rise next year? Yes. People who then try to switch to another card company to avoid paying more face the possibility of being turned down."
Before things get too overwhelming, there is free advice that you can access:
You can get free advice from your Coventry's Citizens Advice Bureau.
You can also get advice from:
- the National Debtline, 0808 808 4000, http://www.nationaldebtline.co.uk/
- the Insolvency Helpline, 0800 074 6918, http://www.insolvencyhelpline.co.uk/
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