CEO of Guardian Group Financial, Gary Forrest, has called for responsible consumer lending as survey shows 25% increase in average credit card debt;  BoE base rate 0.5% but APR’s up to 29.99% In a worrying turn of events, the average person’s debt to credit cards, store cards or bank loans in the UK has risen to £6,400 (excluding first mortgages) reveals a survey released June 23rd 2009  by YouGov for Guardian Group Financial.

Forrest said: “The shocking increase in average levels of personal debt is already taking its toll - over half of adults with these debts in the UK are actively worried; with some are losing sleep.Only 23% have told their partner about their debts!  Guardian and it's sister company Credit  Issues calls on credit card companies to be much more responsible lenders.  Putting up interest rates is definitely not the way to go about it!”

Guardian can advise on debt management plans for all those experiencing any sort of debt problem, while Credit Issues has successfully challenged credit and store card debt as well as unsecured personal loans, often clearing the entire balance by using the Consumer Credit Act 1974.

The survey shows another shocking trend.  The third and fifth largest areas where people are incurring debt on their credit cards are food and utilities respectively.This is a very serious warning sign.  Since April,  the Bank of England base rate has stayed at 0.5%.Consumers increasingly need help to face up to and manage their debt problems and regain control - not to receive yet more pressure from the credit companies.

This dangerous trend has to cease. In the past six months, despite the Bank of England base rate of 0.5%, 12 credit cards have increased their interest rates, including AMEX, Bank of Scotland, Capital One Bank, Halifax and Nationwide BS.  Some cards have increased charges by as much as 10%.APR with Capital One Bank can be as high as 29.99%.