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PPI: Over a quarter of households struggling with credit card bills

More than a quarter of UK households are struggling to pay their credit card bills, according to a new survey.

Research carried out by the Bank of England has revealed that a total of 52 per cent of British families have unsecured debt, i.e a loan which is not covered by specific assets should they be unable to repay it.

Over half (51 per cent) of those who had unsecured debt claimed the level of repayments was 'a burden'.

The report said: "Interest rates on unsecured debt tend to be much higher than mortgage interest rates and appear to have been less sensitive to the changes in monetary policy (interest rates)," according to the Daily Mail.

Despite the base rate being held at a record low of 0.5 per cent for over 18 months, the average interest charged on credit card debt is more than 33 times higher at 16.68 per cent.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800288543-ADNFCR

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