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- Title
Interest-free unsecured debt.
- Abstract
The article reports on interest free unsecured debt. One current feature of the unsecured credit market is the prevalence of so-called zero interest rate' deals -- particularly on credit cards. Five years ago, no major institutions offered such deals on credit card borrowing, but now more than 40 percent of lenders advertise the availability of such deals. In total, 7 percent of all unsecured debt reported in the survey is interest free. But the survey suggests that the proportion of unsecured debt that is free of interest varies significantly across households. Overall, 56 percent of households with unsecured debt hold some that is interest free.
- Subjects
CREDIT cards; ACCOUNTS payable; INVESTMENT interest; INTEREST rates; MONETARY policy; INTEREST rate futures
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 4, p422
- ISSN
0005-5166
- Publication type
Article