Britain sinking deeper into debt as more consumers buy on high-interest credit
Ultra-low interest rates are not feeding through to individual consumers. Since 2009, credit card lending now 40% higher and household non-mortgage debt up 52.6%. Average adult pays nearly £1000 a year in interest as retailers increasingly use buy now, pay later. 40% of working age people have under £100 in savings and are vulnerable to any economic weakness. Should Regulators curb unsecured borrowing at high rates given indications that we may be repeating mistakes that caused the financial…