Consumer Attitudes towards Debt - UK - July 2017
“Cheap loans and attractive credit card deals have fuelled a boom in unsecured lending since the recession. However, the economic fallout from Brexit means consumers are already feeling the squeeze of a combination of rising prices and slow wage growth. As a result, more consumers are likely to turn to revolving credit for day-to-day spending. However, consumers will also take a more cautious approach to their finances, becoming more reluctant to commit to structured lending products, making it more difficult to sell personal loans.”
– Rich Shepherd, Senior Financial Services Analyst
This report will cover the following areas:
Surge in micro-debts points to the first signs of difficulty
On balance, Brexit is expected to cause problems for borrowers
Will Open Banking make it easier for challengers to compete?