The UK's debt problem has got completely out of hand, it has been claimed.
According to AWD Chase De Vere, people need to start being sensible with their spending and forego relying on credit cards as they are likely to have high interest rates.
Savings manager for the independent financial advisory board Susan Hannums commented that many people will only notice their financial problems when it is too late.
"People only tend to become wise to debt when the debt catches up with them. I think that interest rates have gone up and people are feeling the pinch with mortgage rates and debt across the board," she said.
Last week, the Bank of England's monetary policy committee voted to keep the interest rates on hold for August at 5.75 per cent.
This amount is the highest the base rate has been in over six years.
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