2007 has hidden debt dangers

According to moneysupermarket.com, banks are set to introduce hidden fees, house prices will continue to rise and interest rates on loans will increase.

Stuart Glendinning, managing director at price comparison website, moneysupermarket.com, said: “2007 will be the year of the bank charges. The investigation into current accounts is going to force banks to offer lower charges on unauthorised overdrafts.

“As a consequence other charges will be introduced to help the banks compensate for lost revenue.

“People should look out for these charges or face some unexpected bills,” he warned.

In addition to these threats to good debt management, Mr Glendinning believes that interest rates on unsecured loans will rise, pushing up the amount repaid each month.

However, he believes that the payment protection insurance (PPI) industry will improve, offering some great protection for consumers next year.

track