Brits Tighten Belts as Banks put Squeeze on SpendingBy Credit Confidential, PRNE
Sunday, April 17, 2011
Millions are Struggling to Manage Their Money as Banks Make it Harder for Brits to Borrow.
LONDON, April 18, 2011 - The new Credit Confidential Credit Index (CCCI) (
https://www.creditconfidential.com/) released today reveals it is now 10 per
cent more difficult for consumers to get a loan, credit card, mortgage or
even a store card than it was 12 months ago, putting real pressure on many
hard working Brits to make ends meet.
For those who didn't manage to get credit in the last 12 months, 25 per
cent had to go without their purchase, 22 per cent borrowed from someone else
and 20 per cent were forced to cut back on essential spending elsewhere in
order to get hold of the cash they needed.
Some 916,000 Brits actually opted to pay off some of their debts last
year as 56 per cent reported it to be more difficult to access lending. And
those who need it most are finding it hardest to get hold of cash, with seven
in ten people earning lower-middle wages reporting that it was more difficult
than this time last year.
But in worrying signs for the country's troubled high street retailers,
consumers don't expect the situation to get any better, with 56 per cent
believing the chances of them getting new credit such as cash or loans in the
next 12 months are set to worsen.
Paul Lewis from Credit Confidential (https://www.creditconfidential.com/)
"Getting access to affordable credit has never been more important for
consumers, but we know people are feeling the squeeze as banks are lending
more rarely, or at higher rates. And as you leave a footprint on your credit
report (https://www.creditconfidential.com/) every time you are refused a
loan, credit card or even a mobile phone contract, there is a risk that being
refused now will make it difficult to access credit in the future."
"People don't have to wait until they are refused credit by a bank to
take control of their situation. By being aware of their own credit rating
(https://www.creditconfidential.com/) consumers can ensure they position
themselves to get the best deals around."
The Credit Confidential Credit Index is being issued to launch Credit
Confidential (https://www.creditconfidential.com/), a new online personal
credit checking service for individual consumers, which will allow people to
keep on top of their credit history and credit rating (
Heather Wilson, +44(0)20-3451-9419 / +44(0)7578-709680 / heather.wilson at bbpr.com
Tags: April 18, Credit Confidential, London, United Kingdom