UK Money News
10th December 2007
Credit crunch 'will not stop borrowing'
The current tightness in credit markets is unlikely to dissuade most consumers from borrowing, it has been claimed.
Personal finance firm Baronworth Investment Services has said that, although lending firms will be tightening their criteria in the coming months, UK shoppers will continue to seek out sources of help with money.
Colin Jackson, director of Baronworth, said: "I'm sure people will continue to borrow. You get into the spiral ... a lot of people now are using their credit card to pay for their mortgage and that is the most awful situation to be in."
He added that consumers getting into such situations often rapidly find themselves facing trouble with debt as their borrowing gets out of control.
The personal finance organisation has made its statement in the wake of money news from Credit Action, which states that over the 12 months to October consumer credit lending has increased 5.8 per cent to £222 billion.
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