Consumers heading down the debt path, says Unbiased.co.uk

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Consumers heading down the debt path, says Unbiased.co.uk

Tue 15th Sep 2009

Consumers are beginning to borrow again which means they are ending up down the debt path again, according to Unbiased.co.uk.

David Elms, chief executive of the comparison website, made his comments following news that people borrowed nearly double in the second quarter of 2009 than they did in the first quarter.

He pointed out that 2008 saw many people repaying much of their debt because of the financial turmoil that went on, but that this trend has not continued.

"The first half of 2009, in contrast, has seen consumers head back down the debt path as they shift back into borrowing," said Mr Elms.

In the same report it also showed that savings levels have increased from £14 billion to £21 billion in the same period.

Industry commentator Chris Tapp recently claimed that the price of debt has gone up, because people are finding it harder to get work in order to clear credit cards and loans.

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