Figures from November indicated UK consumer debt levels had reached a seven year high with borrowing hitting more than £1.25 billion. Recent deals on credit card balance transfers and low loan rates to attract new customers have attired criticism form the watchdog Financial Conduct Authority. They have suggested this aggressive marketing amounts to ‘payday loans with plastic’ and will be investigating further this month.
The news comes at a time when most credit card users feel the pressure as January’s bills arrive after the expensive Christmas period.