Rising consumer debt
Steve McNicholas, Managing Director – Credit and Marketing Data, Callcredit Information Group, said: “Over the last year, UK consumer debt has risen, particularly credit card debt. As a result, RBS has announced its plans to postpone the introduction of cut-price credit cards and the Labour Party has pledged to back legislation limiting the amount of interest that can be charged on credit card debt. The financial pressure is clearly pilling up for UK households.
“When combined with rising inflation outpacing wage growth, the record numbers of household debt has created a challenging landscape for the UK economy and as such there is a much greater need to focus on affordability. By leveraging existing technology to improve affordability assessments, organisations can play their part in preventing Brits from overextending themselves financially, help improve their living standards and ultimately better protect our economy.”