Media comment: Arrow Global's report on consumer debt defaults
Tuesday 2 February 2016
On Arrow Gloabl’s report on consumer debt defaults, Caroline Siarkiewicz for the Money Advice Service, comments: “Consumer borrowing is at a record level and that combined with any potential rise in interest rates could be putting a large number of people at risk. Although it is unlikely that interest rates will rise until next year, people who have taken out credit may be hit with a nasty shock when this does happen, and find themselves unable to afford their repayments.
“We are working with both debt advice providers and creditors to encourage people to prepare for any rate rises. In the meantime, if people are concerned about their debt or have money worries, seeking help as early as possible is key. The Money Advice Service has an online Debt Advice Locator Tool to help source free and impartial advice available in local areas across the UK.”