Sir John Gieve, deputy governor of the Bank of England has said that the Bank of England's base interest rate is too low, and are helping to fuel the demand for loans and credit.
Some analysts expect the interest rate to hit 6% by the end of the year.
The fact is that it has been obvious that consumer debt has been out of control for years as indeed has government debt but not much has been done about it.
The chickens will be coming home to roost. I just hope it is gentle.
The BBC has this.
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