Limited credit card choice having knock on effect on other payments

According to one industry official the limited choice when it comes to credit cards and other forms of finance for consumers in the UK is having a knock on effect that could see many consumers also failing to make repayments on more vital debts such as their mortgages, which could result in them losing their home.

Since the onset of the global credit crunch credit conditions in the UK have become far more stringent and far tighter, and this means that many consumers may find that they are unable to access deals on credit cards, loans, and other forms of finance. This is severely affecting affordability levels according to some officials.

One industry professionals stated that lack of choice and affordability in the financial sector was definitely having a knock on effect, stating: “If people can’t afford their non-priority debts anymore sometimes they’ll stop paying their mortgage as well. It’s definitely having a knock-on effect.”

However, she did go on to state that whist the average consumer may find that getting more affordable credit is now increasingly difficult those with good credit could enjoy more choice and better rates of interest.