Time To Stop Borrowing On Credit With More Interest Rate Rises Predicted This Year

18th March 2022

Inflation is biting and predicted to reach 8% or higher which will give rise to higher interest charges s the Bank of England tries to bring it under control.

Recently the announcements on increases charges seem to be endless -
Electricity and Gas increases in April with even more to come in October
Higher National Insurance charges
Higher Broadband and Cell phone charges
Petrol and Diesel increases
Home Heating Oil Surge in Prices
Increased Transport Costs
Food price increases - World Cereal prices have shot up and this will see it hitting prices.

Prices are now rising at their fastest rate for 30 years.

With bank rate interest increases will come higher credit card charges and bigger mortgage payments for interest only loans and eventually higher rates as fixed rate deals end.

The war in Ukraine is affecting prices globally.

The price of wood has risen and that affects many products such as furniture.

With less new cars coming on the market due to the world shortage of computer chips the second hand car market is soaring.

All of this and more should be a warning to keep credit borrowing down if you possible can and even pay off some debts that carry interest charges to try and keep them manageable going forward.

Start saving now for Christmas to avoid using credit cards.

Hi-Scot Credit Union has an excellent Christmas Saving Scheme with money paid out shortly before Christmas each year and saving are fully protected by the government scheme. - www.hi-scot.com