British consumers have been hit hard as the pound has wavered against its trading partners, inflation has skyrocketed, and the average wage growth has stalled. This squeeze on the money available to the average Briton has seen many turn to credit cards, loans, and overdrafts to cover their costs.
What’s going on?
The instability of the pound – due to the uncertainty surrounding Brexit negotiations and a weakened government – has had a dramatic impact on Sterling, pushing the price of consumer goods up.
This increase, combined with a high inflation rate, low wage growth and a nearly non-existent interest rate has forced people to look for alternative means of paying their way.
A rise in debt
The Bank of England released a report stating that ‘outstanding unsecured consumer credit’ had increased 10.3 per cent since May last year. This has added to the BoE’s worries about the financial position of many in the UK.
Finding a way out
With inflation set to rise, the BoE still holding its stance on interest rates, and Brexit uncertainty set to loom for the next two years, it’s time that people looked for an alternative way of generating capital.
Even those with a steady job have been turning to credit cards and the like to provide for their families. It’s time to think outside the box.
Learn to Trade Forex
The Forex market could be your answer. This market is open 24-hours, is tax-free in the UK, and can be accessed from anywhere. We can teach you how to protect more than 98 per cent of your money in every trade you make, how to think like a successful trader, and will provide you with the most advanced and intuitive Forex trading software available.
Beat the credit bubble
This growing credit crisis could put many UK households in a precarious position. Beat the credit card bubble and secure your finances by attending our free Forex workshop.