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Strikingly cheap high-value loans and long 0% credit card balance transfer deals could be coming to an end, an expert has suggested. Andrew Hagger, an analyst at financial consultancy Moneycomms, said that sub-3% interest loans of more than £10,000 were now very rare. The length of credit card 0% balance transfer deals was also shortening. Concerns have been raised that an era of cheap loans has led many young people to rely too much on credit. The City regulator, the Financial Conduct Authority, and the Bank of England have expressed worries about young people getting used to credit during a period of low interest rates to pay for basic living costs. This could expose them to financial difficulty when rates rise.
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