Consumer Attitudes towards Debt - UK - July 2019
Covered in this report
This report examines both secured and unsecured lending, although unsecured debt is the focus for the majority of the consumer research. 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.
“Despite a number of positive indicators for households such as rising real wages and historically low levels of unemployment, many remain cautious about committing to big ticket purchases due to a combination of political and economic uncertainty as well as the threat of rising interest rates. This makes for a challenging market for lenders that need to find a way to appeal to borrowers who are increasingly focused on clearing their debts.”
– Thomas Slide, Senior Research Analyst
This report examines the following issues:
- Addressing concern over the impact of debt on mental health
- Good household finances but poor economic outlook causes credit growth to stall
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