UK Money News
29th January 2008
More Brits facing financial problems this year, FSA predicts
British consumers are set to wrestle with financial problems in increasing numbers this year, it has been claimed.
The Financial Services Authority's (FSA) Financial Risk Outlook predicts that this year will be characterised by "a significantly less benign economic environment".
This will manifest itself in the form of higher inflation, ongoing troubles in the US economy and further concerns in global stock markets, the FSA said.
As a result, the report posits that "a growing number of consumers are likely to experience debt repayment problems this year".
However, contradicting reports which cite the credit crunch and rises in the base rate of interest as to blame, the FSA claims that the problem of defaults on credit cards and loans was already there prior to more recent developments.
The report also warned that as a direct effect of the credit crunch, more Britons will find that their lenders have tightened their lending criteria, making it harder than before to secure credit.
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