Attitudes to debt ‘are changing’
Attitudes to debt have changed in Britain, an organisation has announced.
The Consumer Credit Counselling Service (CCCS) has made its remarks follo…
Attitudes to debt have changed in Britain, an organisation has announced.
The Consumer Credit Counselling Service (CCCS) has made its remarks following the latest figures released by the Bank of England, which show consumer credit to have increased in February.
Statistics reveal that the amount has gone up by £0.5 billion in the last month, but a spokesman for the CCCS said that it does not indicate a return to the borrowing levels seen prior to the recession.
He commented: “Consumer attitudes have changed, with people preferring to pay down their outstanding debts where possible.”
The representative added that data from the charity’s recent Statistical Yearbook disclosed that individuals owe less than they did before.
He did, however, warn that future interest rate rises and public spending cuts could soon prove problematic.
Published on March 29th, the latest Lending to Individuals statistics from the Bank of England highlighted a 12-month growth rate of 0.9 per cent.
