And Ms Pfiefer maintains that homeowners in particular will see their debt management problems increase over the course of the next few months as the Bank of England aims to limit inflation though rises in the base rate of interest.
Consumers across the country are already struggling to clear debt and avoid bankruptcy, but Ms Pfiefer insists that Britons have been benefiting from an “era of ultra-cheap debt” that is set to come to an end.
Writing in the Telegraph, she suggests: “The Bank of England’s monetary policy committee is odds on to increase base rates by at least one quarter of a percentage point, taking them to 5.75 per cent.
“The jury is out on whether their actions will be enough, or whether more rate increases will be needed before the end of the year.”
The Bank of England has raised the base rate of interest on four occasions since August of last year.