Personal lending increases four times faster than wages

[PAWS]

http://www.bbc.co.uk/news/uk-england-42879803
Well it looks like things are going to get a whole lot worse -Yep, hard to imagine that they could get worse but …..

[Phaeton]

I had never used a Credit Reference website prior to a few days ago, I was amazed to find that I had 6 credit cards all with zero balance but their combined credit limit was over £58,000 including 2 from one company with over £24,000 between them. IF I were using them & had them to their limits I would not be able to service the interest let alone bring the capital down. I know I must have applied for them & used them to find better interest rates in the past including 0% balance transfers but I do feel they are being irresponsible for offering me so much credit between them. Needless to say I spent an hour or so yesterday closing the accounts.

[Amethyst]

Well done you, that is terrible how the system just lets you build up that amount of credit - I suspect it won't have been particularly advantageous on your credit rating either.

[meellis]

I am really beginning to get disgruntled at all the different and conflicting reports that get put around.One minute we are being told that due to brexit growth forecasts and predictions are down and then we get the bank of England saying that due to the country growing quicker than they had allowed for interest rates might rise higher and more often than they had planned for. We have some "experts " saying we are doing well yet all I see is people worried about their income and outgoings and the security in either their jobs or homes. I don't come across many people who are buying luxuries most are buying essentials and they increase in personal lending has to reflect people making ends meet more than being extravagant because they feel confident.

[Phaeton]

We have some "experts "

The problem with a lot of "experts" is that they don't live in the world where there is too much month remaining at the end of the money