Consumers are more likely to take out higher cost
Chris Tapp, director of Credit Action, explained that as credit is less widely available, people are more likely to turn to more expensive alternatives.
Mr Tapp explained that consumers who have often been able to rely on high street
However, in general people’s spending is likely to decrease this year, he claimed, adding that this will lead to a general decrease in overall borrowing.
“It’s likely to be a year in which, as the economy more generally slows down, the rate of borrowing will – to an extent – slow down with it,” he concluded.
Debt Help UK has revealed that 74 million
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