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Loan charges 'could be incurred through inflation'

People could be incurring loan charges due to rising inflation, statements by an expert have indicated.

Informed Choice managing director Martin Bamford argued borrowing cash might be the "only way to maintain a certain lifestyle" for some people at the moment, due to the squeeze on household incomes.

He noted it would be more sensible for these members of the public to reduce their expenditure than to endure credit card charges.

However, the specialist remarked many individuals could have a lot of demands on their attention and income, which would make cutting outgoings hard for them to do.

"Inflation has been a factor in people borrowing more money," Mr Bamford added.

Figures from the Finance and Leasing Association revealed a seven per cent growth in consumer credit lending during February 2012 when compared with the same month in 2011.

This is the best growth in more than one year, although the recovery is still fragile, the organisation warned.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801337097-ADNFCR

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