Households are sitting on a £173billion debt time bomb after being lured into a spending splurge by banks and credit card companies.
An investigation by Money Mail has uncovered the startling rise in debt levels due to people splashing out on new cars, TVs, conservatories and home improvements.
But with a rise in interest rates imminent for the first time in more than eight years, fears are growing that many families will be left struggling with repayments.
Bank of England governor Mark Carney has sent a letter to all fund managers asking for reassurance they are able to deal with an anticipated rush of investors making emergency cash withdrawals to cover their mortgages.
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