Experian’s independent economic consultancy arm Business Strategies suggests that with interest rates likely to be rise, the knock-on effects will be bad news for the millions of Brits faced with mortgage arrears and credit card debt.
Creditors will have this in mind as they make lending decisions and consumers ought to adapt their financial habits also, experts from Business Strategies maintain.
Dr Neil Blake, managing director of global economic forecasting at the analyst firm, said: “Rising bills coupled with the existing and possible future interest rate rises should be taken into account by borrowers.”
“Any further interest rate rises are bound to add further to future levels of financial stress,” he added.
Meanwhile, a report from the centre for economics and business research recently claimed that many people in England will reduce their outgoings after the ban on smoking in enclosed public spaces comes into effect on July 1st.