Average UK consumer borrows over £20k

Nov. 19, 2009 - PRLog -- Average UK consumer borrows over £20k
- Credit reports more important now than ever, QuickCreditScore says -

19th November 2009
London

The average UK consumer relies on credit more than ever. The recession has exposed British borrowing habits, and it has been revealed that the average borrower owes £21,305 in unsecured debts, according to CreditAction, November 2009. Consumers must keep track of their debt to keep it under control, a QuickCreditScore spokesperson has said.

In August 2009, credit card lending was up by £200 million from the previous month. This was an almost direct result of other consumer lending such as loans and equity release being refused by lenders; total consumer lending fell by £300 million in the same period, a Bank of England spokesperson stated this month.

In fact, April to June was the fifth consecutive quarter in which UK lenders paid more into their mortgages than they borrowed against, due to the difficulty and unattractiveness of equity withdrawal in the current market.

Claire Patterson of QuickCreditScore said:

“In these credit-reliant times, it has now become even more important for consumers to know exactly what they owe.”

“Many consumers have a mortgage, credit cards and possibly other loans, and with these many different debts, it can be hard to keep track of how much they are required to pay off.”

“Some consumers are finding it even more difficult to secure more credit due to poor credit scores.”

QuickCreditScore is a service that can help to keep tabs on outstanding debts, and in turn, help consumers borrow more responsibly. QuickCreditScore provides consumers with tools to access their Callcredit credit report. A credit report is a record of all borrowing in their name, past and present, which lenders use to assess their suitability for a loan or credit card. The report also includes a credit score, which is a value calculated using outstanding debt and projected earnings. Knowing credit scores can help consumers plan what they can feasibly borrow and pay back, or explain why they have been refused for a loan or credit card.

A credit report can also help consumers to be vigilant with their identity in order to prevent theft. Today, one in four UK consumers has been a victim of identity theft, or knows someone who has. Identity theft – where someone steals another’s personal details and uses them to obtain credit or access to bank accounts – can go undetected for months, and leave victims in severe debt through no fault of their own. Regularly obtaining a credit report can help consumers identify fraudulent use of their details, as the report shows up all debts against their name.

To obtain access to your Callcredit credit report quickly and easily, go to www.quickcreditscore.co.uk  or to learn more about Quick Credit Score, please visit www.quickcreditscore-about.co.uk