Brits 'should consider loans carefully'

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Brits 'should consider loans carefully'

UK consumers must make careful considerations before taking out credit agreements in the present financial climate, it has been claimed.

Liz Dunscombe, director of project and partnership development at Credit Action, said it is important for people to realise they need to budget effectively and they should not rely on borrowings to cover any shortfall in income.

She commented: "Credit should never be used without careful thought and consideration, but the current economic situation may suggest that even more thought is necessary at the moment."

Indeed, examining the consequences of building up debts and what would happen if a borrower could not make the required payments is also something that should be considered.

Meanwhile, Ms Dunscombe also recently highlighted the growth in unsecured borrowing that has taken place over the last 12 months.

She noted the number of individuals taking out unsecured loans has risen by 2.3 per cent - the largest increase since May 2009.

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