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Bank refunds: Rising cost of living 'squeezing household incomes'

The rising cost of living could be leading many people to make bank claims and incur loan charges.

Consumer Credit Counselling Service spokesman Matt Hartley explained that since the financial crisis, household incomes have undergone an "enormous squeeze".

Many people have ended up in "serious debt" due to the widening gap between incomings and outgoings, he explained.

Petrol and energy bills have increased, while the cost of living is also rising, the representative remarked.

"Anyone" can be affected by problem debts, with many people first ending up in this situation because of a "shock to their income", Mr Hartley asserted.

Separation, illness or unemployment can all result in members of the public falling into financial difficulties, he noted.

Yvonne Goodwin Wealth Management managing director Yvonne Goodwin recently suggested that people set up an emergency fund when they have the opportunity to, as this could provide them with much-needed assistance when they can no longer cope with loan charges.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801402422-ADNFCR



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