- Tuesday, 2 March 2010The credit crunch has caused people to become more financially aware and commit to
debt management, according to an industry expert.
Spokesperson for Moneyfacts.co.uk Darren Cook said that consumers were being financially savvy in terms of shopping around for the best deals on their credit.
"The Bank base rate being maintained at a historical low for 12 months and the resulting low savings rates is causing people to shop around for the best returns from their hard-worked savings pot," he said.
Mr Cook's comments follow the release of the latest Lending to Individuals figures from the Bank of England, which reveals a 17 per cent drop in the number of mortgage approvals for house purchases between December and January.
The figures also show that consumer credit increased by £500 million over the same period, a trend that could be attributed to an overflow of spending in December said Mr Cook.
Credit card lending increased by £200 million and other loans and advances increased by £300 million, according to the report.
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