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Cost of credit card debt could rise
The cost of carrying debt on a credit card could rise along with the Bank of England`s base rate, as a major lender introduces a `radical overhaul` of the way it charges for its services.
Part of that overhaul involves linking the interest rate on Halifax and Bank of Scotland credit cards to the base rate set by the Bank of England, as an article in The Telegraph explains.
Debt nears £10,000 before it`s `worrying`
On average, it seems people don`t tend to worry about their debts until they owe nearly £10,000.
Recent research from moneysupermarket.com provides quite a few interesting figures. For example, people might start worrying when they`re carrying an average of £9,767 in non-mortgage debt, but it`s not until £19,478 that the average borrower will seek paid debt advice. And 48% said they`d never pay for debt advice.
1 in 10 pensioners still in debt
Nearly half (47%) of the UK`s pensioners are just `getting by`, as they struggle with the rising cost of living. So says a press release from a leading charity with a vision of `a world in which older people flourish`.
Age UK surveyed more than 1,200 people over the age of 60 to find out how they were coping with today`s financial challenges.
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Interest rates `set to soar`
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