- Thursday, 17 June 2010Consumer confidence in the economy has decreased as the cost of borrowing has grown – potentially leading to consumers needing a
debt management plan.
According to uSwitch.com, consumers are uncertain about their personal finances and wary about impending public spending cuts.
Darren Cook, a spokesperson from Moneyfacts.co.uk, is not surprised that consumer confidence has dropped as base rates are low and the cost of borrowing has increased.
He said: "Credit cards are still expensive and have actually got more expensive, and those who qualified for credit two or three years ago will have to jump through five more hoops to actually get any today."
High interest rates on credit cards could lead a consumer to need a
debt management plan if they fail to stay on top of repayments.
uSwitch.com found that 45 per cent of consumers are worried about their financial plight and a further 49 per cent feel poorer than ever before.
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