Credit card threat to economy
‘SOARING borrowing on credit cards could threaten Britain’s financial stability, the Bank of England has warned. Its latest assessment will raise serious questions over the current record debt levels. The Bank says they may be building up ‘vulnerability for the long term’.
Its six-monthly Financial Stability Report coincides with the peak Christmas spending period, which poses the greatest debt risk to families. Spending on credit cards and bank borrowing normally soars in the festive season.’
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