UK Money News
18th April 2008
Crunch to force borrowers to change behaviour
The credit crunch is set to bring about a change in borrowers' behaviour in the next few months, a credit rating firm has predicted.
Neil Munroe, external affairs director for Equifax, said that as lenders begin to reject people for credit it is possible that they will act in one of two ways.
One of Mr Munroe's predictions is that "people may just not take the money out", a phenomenon that could significantly cut the level of consumer debt in evidence in the UK.
However, the alternative is that "if people need the money, they may be forced into more high cost borrowing" - an area which he says might not have been considered by these consumers before.
A study conducted by Credit Action found that the average household debt in the UK is £9,100 excluding mortgages.
This figure rises to £21,166, however, if the average is based on the number of households which currently have some form of unsecured loan.
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