Credit Action, a provider of impartial debt advice, says that there has been a shift away from unsecured debts towards secured debts.
Unsecured debt usually takes the form of
With secured lending - such as
Credit Action's Chris Tapp reveals that "whereas previously most people who were struggling with unsecured credits, there's been an increase in the number of people struggling with
However, there may be some good news for borrowers.
Most economic analysts, having read the latest monetary policy committee minutes, are of the view that interest rates have peaked, according to the Financial Times.
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