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Unsecured lending 'is on the rise'
More people are opting to borrow money in order to be able to afford their everyday expenses, it has been said.
Liz Dunscombe, director of project and partnership development at Credit Action, has stated that unsecured lending to individuals is rising.
She said the annual growth rate of the number of consumers taking out unsecured loans is 2.3 per cent, a peak since May 2009.
Rising prices, lack of pay increases and redundancies are the result of this, Ms Dusncombe commented.
She suggested ways for people to tackle the debt problems, including creating a realistic budget with items including mortgage repayments, utility bills, food, clothing and travel costs.
This comes after David Cameron praised consumers who are dealing with their debts during his conference speech earlier this week, saying households "are paying down their credit card and store card bills".
However, Ms Dunscombe noted that while a lot of people seemed to be repaying their debts at the beginning of the economic crisis, a number of consumers have gone back to borrowing in order to make ends meet.
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Liz Dunscombe, director of project and partnership development at Credit Action, has stated that unsecured lending to individuals is rising.
She said the annual growth rate of the number of consumers taking out unsecured loans is 2.3 per cent, a peak since May 2009.
Rising prices, lack of pay increases and redundancies are the result of this, Ms Dusncombe commented.
She suggested ways for people to tackle the debt problems, including creating a realistic budget with items including mortgage repayments, utility bills, food, clothing and travel costs.
This comes after David Cameron praised consumers who are dealing with their debts during his conference speech earlier this week, saying households "are paying down their credit card and store card bills".
However, Ms Dunscombe noted that while a lot of people seemed to be repaying their debts at the beginning of the economic crisis, a number of consumers have gone back to borrowing in order to make ends meet.
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Published: 07/10/2011
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