Why are Consumers Borrowing Again?

The British Bankers Association (BBA) has found that UK consumers are borrowing again. Personal loans and overdraft borrowing went up by 4.4% in February, its fastest growth in 6 years.

But why might this be?

At FairMoney™, we’ve come up with a list of questions, but no answers. So we decided we’d rather hear from you, the consumer, the one actually choosing to borrow.

Why are you borrowing at the moment?

Are you borrowing for something in particular or general bills?

Is it the case that you have run out of savings after several years of using them?

Are you feeling more secure about your future earnings and so feel more confident to borrow money?

Have you managed to rebuild a bad credit score and now find borrowing more affordable?

Has the capping of short-term high-cost credit by the Financial Conduct Authority in January made borrowing money affordable for you?

Has the refocusing of the Money Advice Service on debt support given you the information you need to borrow with more confidence?

In short, what is going on?

Tweet us @UKFairMoney and let us know, we want to hear from you.

FairMoney™ - Find the Best Way to Borrow Money

We’re also here for you if you’re experiencing problems with debt or bad credit. Our fair loan comparison service can help you find the right loan for your circumstances, so that you can consolidate your debt and start working your way back to financial health. To find out more about how FairMoney™ can help you, click here.