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Debt management reflected in consumers' use of credit

Debt management reflected in consumers' use of credit

- Tuesday, 23 February 2010

Savvy consumers are looking to manage their debts by way of using different forms of credit products available to them, it has been claimed.

New research from the Finance & Leasing Association (FLA) reveals that consumers spent 17 per cent more using instalment credit in December 2009 than they did the previous year.

Customers were found to be using instalment credit for smaller purchases of furniture, white goods and home electronics, usually costing less than £700.

FLA head of consumer finance Fiona Hoyle said the figures told a "wider story" of the recession.

"The breakdown between different credit products tells us that customers are looking at the financial products available to them, and using credit products to meet specific needs," she said.

"Customers are using these products because they are flexible and allow consumers to spread payments for essential goods and keep them at levels that are within their budgets."

New figures released by Moneyfacts.co.uk reveal that credit card rates have hit a 12-year high of 18.8 per cent, despite the Bank of England holding the base rate at an all time low of 0.5 per cent.ADNFCR-2300-ID-19630790-ADNFCR
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