Consumer Attitudes Towards Debt - UK - July 2016
“Lending has grown rapidly in recent years, driven by rising consumer confidence and the cheap availability of credit. However, consumer confidence has taken a knock following the UK’s decision to leave the EU, which will result in a more cautious approach towards personal finances. In the short term while the terms of Brexit are determined, a period of uncertainty will lead to reduced demand for credit to pay for big ticket items – especially those purchases that can be delayed until people perceive there is more economic stability.”
– Jessica Galletley, Financial Services Analyst
This report discusses the following key topics:
- Family and friends growing as a source of credit
- Opportunity for a resurgence of PPI?
- Postponed life-events will increase demand for credit later in life
This Report presents Mintel’s exclusive consumer research into consumer attitudes towards debt. It examines how views are changing and the types of credit people are turning to. The Report looks at how much people owe and where, as well as how consumers are managing their debt and expected sources of credit in the future. It explores the macroeconomic drivers behind consumer behaviour, and provides insight into consumer relationships with credit in the future.
This Report examines both secured and unsecured lending. For the purposes of the Report, these two types of credit are defined as follows:
Secured lending – lending that is secured against a property, ie the ownership of the property is at risk if repayments are not made to clear the debt. This is primarily mortgages used to purchase properties, but also includes homeowner loans, where homeowners borrow additional funds secured against their home.
Unsecured lending – any type of lending that does not fit the definition of secured lending, ie lending that is not secured against a property. This includes a wide range of consumer credit products such as credit cards, personal loans and current account overdraft facilities. Please note that this definition also includes car finance plans, which can be secured against the vehicle being purchased.
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