Cash-Strapped Consumers Still Hungry For Credit
A recent survey suggests that cash-strapped consumers in the UK are still prepared to overstretch themselves on credit and are failing to think through the consequences.
According to analysts PriceWaterHouse Coopers, over 25% of respondents are concerned that they are unable to repay debts in the future. However, very few of the 16% who are already struggling to repay are considering how to overcome and deal with their debts.
PriceWaterHouse Coopers’ Richard Thompson said:
The survey shows that some people are still prepared to borrow despite the tough market conditions, rising unemployment, a depleted housing market and the increasing sense that they will be unable to repay debt in the future.
Out of the 4000 participants of the survey, one in five were also concerned about the decreasing availability of credit. 14% of those worried about debt also expected to use more credit in the coming weeks before Christmas.
