UK Money News
20th June 2008
Survey detects rise in doorstep loans
Increasing numbers of Britons are turning to high-interest doorstep loans after being turned down from credit by mainstream lenders.
According to figures from Equifax, 31 per cent of people who have expressed concerns over the state of their credit rating have taken out a doorstep loan.
The study also showed that Britons are making more and more cutbacks in their finances as they seek to mitigate the impact of the credit crunch.
Some 24 per cent of people said they have reduced their life insurance payments, while 29 per cent have reduced pension contributions.
Neil Munroe, external affairs director for Equifax, said: "We urge people to talk to their lender if they are struggling with repayments in order to avoid trouble further down the line.
"Being as well informed as possible is also crucial and consumers can apply for a copy of their credit report to gain a clear picture of their financial status and concentrate on paying off their most expensive debts first."
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