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Even so, getting into the red is still seen by many as a major social taboo, with 18% citing bankruptcy and 11% getting into debt as their most socially embarrassing life event - well ahead of being caught using illegal drugs or getting a divorce. The findings come as consumer confidence reaches an annual high with CreditExpert's Personal Credit Index showing a three point rise in the last quarter to 100 - a figure last seen in April 2006. This rise in confidence could be seasonal, with the Spring weather, longer days and two council-tax free months playing a part, as well as recovery from the post-Christmas spending binge.The Index, which is based on survey data from Ipsos MORI in April 2007, tracks consumers' current credit confidence and future expectations on a quarterly basis. It also reveals that the percentage of people with credit or loans who say they are very comfortable with their borrowings has jumped from 29% in January to 41%. And more than half (54%) of all adults are comfortable with their level of borrowing, a six point rise on the previous Index Confidence has risen in the South, Midlands and London, but Scotland and the North have seen a dip, dropping four points to 97. Whilst April 2006 and April 2007 saw periods of high credit confidence excessive summer holiday spending last year might have been responsible for pushing the Index down to 98 in the Autumn and hikes in household bills in November 2006 further affected consumer confidence, with the Index falling to 95.Experian says expected increases in tax, interest rates and inflation could see the Index drop again over the next three months. Source :Moneyextra.com |
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| THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT A fee between 0% and 10% of the loan may be charged on some plans depending on credit history and ability to prove income. Example: Loan of £15,000: 120 monthly repayments of £204.66, 10.4%APR variable |
