Credit card customers 'could save the economy'
Credit card customers could be some of the key players in helping to revive the country's economy, it has been suggested.
Credit card customers 'could save the economy'”
Credit card customers could be some of the key players in helping to revive the country's economy, it has been suggested.
David Kuo is head of personal finance at financial services site Fool.co.uk and he states that once the UK's level of consumer debt gets lower, we will be able to move forward from there.
He explains credit card customers, along with people who have a bank overdraft, loans or a mortgage to slowly pay their debts back to their providers.
Mr Kuo suggests lower interest rates would allow people to overpay when they come to repay some of their debts, an action he states could not only help them, but the wider economy as well.
At present, the base rate of interest in the UK stands at 1.5 per cent.
The Bank of England's monetary policy committee is set to decide whether to raise, lower or maintain the rate at its next meeting on February 5th.
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