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People 'exercising caution before getting long-term credit'
When it comes to consumer credit, a number of people appear to be adopting a cautious approach at the present time, it is believed.
The Finance and Leasing Association (FLA) has reported an eight per cent drop in the amount of consumer credit that was taken out in the year leading up to May 2010, when compared to the same period a year before.
Head of consumer finance at the organisation, Fiona Hoyle, suggests that some people may be holding back on making credit applications until financial uncertainties are resolved.
She stated: "Many consumers will also be waiting to see what effect the proposed VAT rise and spending cuts will have on their household budgets."
Those looking to access credit in the near future may also be interested to note recent Sainsbury's Finance figures, which suggested that personal loans totalling almost £12 million were spent by people last year on the costs of surgery.