Rise In Secured And Unsecured Loan Applications A Possibility

Wed, 29 Oct 2008

The number of applications for secured and unsecured loans in the UK is likely to rise as Brits look to protect themselves during the current economic climate, it has been suggested.

Tom Howard, spokesperson for the Consumer Credit Counselling Service, warned that borrowers should only attempt to take out loans if they are 100 per cent sure they can make the repayments, bearing in mind that their circumstances could change.

"There is a possibility that more people will apply for loans as a means to tide themselves over during the future crunch period," he said. "However it is always advisable to live within your means whenever possible."

Mr Howard added that the majority of Brits are getting through the on-going economic slump by being thrifty and cutting back on excesses and unnecessary luxuries.

Recent research commissioned by financial website MoneyExpert.com revealed found that over half of the UK’s adult population (roughly 25.8 million adults) have applied for a financial product in the past six months.
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