Spending-happy Brits adding to credit card debt
Spending-happy Brits adding to credit card debt
Monday 23rd June 2008
Figures from the Office of National Statistics revealed the sales were up by 3.5 per cent during the month, with sales of electrical goods showing an especially marked increase in the period.
However, although the figures are cheering news for retailers who have feared that consumers are set to tighten their belts, they have fuelled fears that Britons are failing to act more responsibly in the face of the credit crunch and curb their spending.
These concerns are especially urgent given the warnings that both food and energy prices are set to increase later this year, putting pressure on Britons already struggling with higher loan and mortgage repayments.
Consumers are also expected to be hit by a rise in interest rates later in 2008 as the Bank of England attempts to curb inflation.
This would make repayments on mortgages and personal loans even more costly.
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