Demand for secured borrowing deals is likely to keep rising in the UK, according to the market analyst firm Datamonitor.
Despite the spiralling debt management problems faced by millions of British consumers and the so-called credit crunch of recent months, people are expected to continue wanting access to personal loan arrangements.
According to Datamonitor experts, the total amount of money loaned to UK consumers will top £10.2 billion during 2011 and the market for personal loans is expected to grow by close to five per cent on an annual basis, the Press Association reports.
“The US sub-prime mortgage crisis and global credit crunch will affect the market in the short term,” said Maya Imberg, an author on the recent Datamonitor report.
“However, the UK secured personal loans market continues to portray an encouraging future in the long term.”
The UK’s personal debt management mountain is currently worth more than its annual gross domestic product, accountancy firm Grant Thornton revealed recently.