We may have started the year with brimming optimism over the U.K. consumer resolve, but if my January credit card bills - which haven't shrunk as much as expected - are a measure of the common man's burden, then it's likely we could have more problems in store for the future.

As it turns out, some of the latest market reports indicate that I am not alone in feeling the pinch of overspending and rising interest rates. No one expected the surprise January 0.25% rate increase, not even economists who were anticipating rates to stay at 5.0%, through at least this month. But now that it's here, it means more belt tightening and less spending for those of us who can afford to make such concessions.

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