Tuesday 8th of February 2011
A number of people may soon turn to alternative ways of relieving their financial troubles as opposed to seeking credit, following the comments on one expert.
More UK adults might begin asking individual voluntary arrangement questions to help sort out their monetary position as spokesman for Moneyfacts.co.uk Darren Cook claimed credit is becoming more difficult to obtain.
The industry figure noted providers used to throw credit cards "through the front door", but there has recently been a shift to more risk-based lending.
"You'll probably find that there are some individuals in some households that would qualify for credit that are being put under pressure at the moment," he pointed out.
Mr Cook added it is now the turn of the public sector to experience difficulties as the private enterprise has generally already gone through the recession.
Last week, Santander Savings claimed Britain's savings window - the period between paying off a mortgage and retirement - is shrinking.
By Neil Burton
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- Britons 'changing attitudes' towards debt management
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