Strong increase in consumer credit in the UK

Strong increase in consumer credit in the UK

Low-income households have seen a sharp increase in the use of consumer debt, which is potentially costly in the last decade and is now vulnerable to unexpected tough times, said a group of experts. While fears of a debt crisis were dismissed, the increasing use of credit cards, store cards and overdrafts by those struggling to make ends meet should be of concern to policy makers.

The think tank said consumer debt, excluding mortgages, amounted to 15% of total income in 2019, well below the 19% recorded in 2008, the last time the UK economy went into recession.

The government takes the offensive on pensions. At a time when the opposition has not yet presented the agreements they adopted for the pension reform, President Sebastián Piñera announced the changes to the system that they will propose. Specifically, he proposed that the additional contribution be increased to 6% charged to the employer.

The idea is that half of that contribution goes to a collective savings fund for people with pensions of less than $ 708, where men will receive a contribution of $ 56,600 per month and women $ 70,800.

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