Brits 'could struggle with GDP decline'

In the current economic climate, many households may be experiencing increased strain on their finances.

As a result, some could be struggling to stay in control of their outgoings, which might lead to the development of a bad credit rating.

Indeed, it has been noted that the country's gross domestic product (GDP) may decline per person over the coming 12 months.

This is according to the Trades Union Congress, which warned the economy is not growing faster than job losses and called on the government to take advantage of the small base rate to boost public investment.

It argued further action is required to help ease the strain on personal finances and allow wages to grow in line with inflation.

The Council of Mortgage Lenders recently suggested low levels of interest are good for credit card users, adding it is likely this situation will remain unchanged for the foreseeable future. 

Posted by Tom Burroughs