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Credit card charges: Family incomes set to plummet

An increasing number of families may experience credit card charges as household incomes are set to plummet by around £1,000 per year.

That is according to research Institute for Fiscal Studies, which has revealed that Brits have experienced the largest fall in real incomes for the average family for 30 years, reports

The news provider quotes the report, revealing: "Recent IFS research forecasts a fall of 2.2 per cent in median income between 2008/09 and 2010/11.

"And were such a fall to be found in next year's data, it would represent the largest fall in median incomes since 1981, leaving median income close to its level in 2004/05."

This report follows news that the Bank of England predicts inflation could reach five per cent over this year and next.

The Bank of England also claims that inflation will remain above the two per cent target for the whole of 2012.
Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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