Confidence in credit ‘falling’

The confidence of the typical UK consumer to take on more credit has been falling in recent months and looks set to continue in the same vein, according to CreditExpert.

More and more homeowners around the country are deciding not to look into the possibility of moving house and are instead looking to clear the debts they have already accumulated.

Furthermore, close to half of all the people who have not taken the first step onto the housing ladder have indicated that they now have not intention to try, the credit reference firm reports.

Many people are concerned by the prospect of an economic slowdown and are looking to reduce the scale of their debt management problems as much as possible, the company has suggested.

Darryl Bowman, director of CreditExpert, commented: “Whatever your financial aspirations, making sure your credit report is in the best possible shape is crucial to allow you to be judged fairly by lenders.”

Last week, a member of the Bank of England’s monetary policy committee published a report that claimed the risk of a recession for the UK’s economy is “remote”.