UK banks plan biggest squeeze on consumer credit since 2008

Clampdown on credit cards and overdrafts follows warnings from Bank of England and others of growing debt mountainBritish banks are planning the biggest squeeze on consumer credit since late 2008, when the economy was in the depths of recession, according to a Bank of England survey.The clampdown follows warnings that Britain’s debt mountain has risen to dangerous levels as households struggle with rising shop prices and low wage growth. Continue reading...