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Government warns about rising credit card debt

05/03/2010

The latest figures from the Bank of England (BoE) have shown that in January, the country`s total credit card debt stood at £61.5bn, the Press Association reports.

At question time, Tory Lord Marlseford told peers that the total amount of credit card debt in January was £8bn higher than it was a year earlier.

He went on to say that "the current interest rates being charged on overdue balances is 18%.

"That means that credit card holders are being expected to find over £900m in interest every month."

He went on to warn that that if credit card companies had not adjusted their balance sheets to reflect the fact that much of the debt "may never be paid off" there would be a "very large reservoir of very toxic debt".

On behalf of the Government, Lord Faulkner of Worcester said that credit was not a problem, providing it was used responsibly. He added that most credit card holders "behave responsibly and around two-thirds of them pay off their balance in full every month".

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according