A study by USwitch has revealed that Britain's interest repayments have increased by almost 16% - up £12.7bn to £93bn per year. This suggests that millions are struggling to keep up repayments and some could end up bankrupt.
The average family is paying £3,744 per year in interest charges. This is in part caused by the series of interest rate rises, but the December interest rate reduction has not been passed on by all lenders.
The report also showed that 38% of credit card applicants in the previous 6 months had been turned down and 19% of personal loan applicants were also unsuccessful, as the lenders take a tougher line on who they will lend money to.
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