UK central bank’s financial policy committee says borrowing trends could lead to debt troubles in near future and longer term
Consumers are taking longer mortgages and spending more on credit cards in an attempt to adapt to higher interest rates and living costs, potentially storing up debt troubles in future, the Bank of England has said.
The central bank’s financial policy committee (FPC), which keeps tabs on the health of the UK financial system, has seen evidence over the last three months oft some households increasingly relying on credit cards to make ends meet.
