Credit card and loan borrowing is predicted to fall by a record amount – but will those who really need to borrow be able to?

Industry News | 14/08/20

Experts said Britain’s borrowing habits ‘will have changed permanently’ as a result of the coronavirus pandemic, after forecasts estimated credit card and loan borrowing would fall by record levels this year. Demand for consumer credit would fall 15.9 per cent and Britain’s unsecured debt pile would not recover to 2019 levels until 2022, according to the economic forecasting group EY ITEM Club.

Source: ThisIsMoney