A personal finance expert has fired a dire warning over the future for consumers as the economic downturn continues.
David Kuo, head of personal finance at the price comparison firm Fool.co.uk, has suggested that a recession is on the way and that it could be worse than any that has gone before.
Millions of consumers have amassed heavy debt management burdens and banking groups are very reluctant to offer loan deals that present any kind of risk.
“I have never seen this before where banks are so scared to lend money to people,” said Mr Kuo.
“We haven’t got the ability to turn to the banks and borrow in the recession which previously we had.”
A recent report from the British Chamber of Commerce suggested that there is currently a “serious risk” of recession facing the UK economy.
By Frank Charlton