Credit Defaults Rise

It was revealed in June that more and more people were relying on credit cards (as well as overdrafts and loans) to cover the shortfall that was left by the weakened pound, the inflation rise, and their wage stagnation. That reliance is now coming home to roost.

Default rates on credit cards increases

From April to June, the number of people who defaulted on their credit cards jumped significantly. This is due to people turning to their plastic fantastic to maintain their household spending as prices surge ahead of wage increases.

Credit availability to be reduced

Further bad news for those feeling the squeeze came as banks made it clear that they would be adopting a more cautious approach to credit and reduce its availability to the general public. This means households relying on unsecured credit to finance their budgets will need to look elsewhere for support.

Taking control of your finances

With credit becoming less available, wages set to continue to stagnate, inflation showing no signs of slowing, and interest rates set to remain at their current lows, people will need to slash their budgets and pinch pennies, or look for a new way to generate income.

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The Forex market offers you an opportunity to make a tax-free income in as little as 30 minutes a day. This means you could fit it in around your current job and support yourself and your family with a second income, or dedicate just 30 minutes a day to work, leaving you the rest of the day to do as you please.

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