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- Mon 12th Sep 2011
- Up to one in six European banks fail financial health check.
- It's a scary story, but what does it mean? surely not another run on a few banks?
- Tue 28th Jun 2011
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- Mon 13th Jun 2011
Xmas spenders 'borrow money in January'
Fri 21 Dec 2007 10am
The first month of the new year will see a surge in loan applications as consumers look to consolidate their Christmas debts, a financial expert has stated.Neil Monroe, external affairs director at Equifax, said that January traditionally sees an increase in loan customers, with many people borrowing more money to cope with debts accrued over the festive period.
However, he warned that these consumers may find access to credit more difficult than usual next month, because loan providers are becoming more selective with their lending habits as a result of the credit crunch.
Mr Monroe explained: "The issue is whether those people who relied on that capability will find it more difficult to get credit.
"If they are in the marginal area - so if their credit score is only marginally acceptable for lenders - they may find it more difficult."
According to Credit Action, the average UK household has debts worth £8,920, excluding mortgages.
