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Lenders Scaling Back Zero-Balance

Lenders scaling back zero-balance credit card transfer deals.

Bank of England governor Mark Carney voices concerns about generous deals allowing borrowers to shift credit card debts.

Credit card offers that allow consumers to transfer balances interest free are being scaled back as banks and building societies tighten borrowing rules, a Bank of England survey showed.

It found that lenders expected the length of interest-free periods on such transfers to decrease in the coming three months – for the first time since it began recording the data in 2015.

They also expect to scale back mortgage availability, affecting borrowers with deposits of less than 25% and in particular home buyers who have saved up less than 10% of a property’s value.

Banks are reining in lending partly as a result of the gloomy economic outlook, as rising inflation and stuttering wage growth squeezing consumers.

Bank of England governor Mark Carney voiced concern last month about

CREDIT: John-Paul Ford Rojas, Business Reporter, SKYNEWS

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