Sub-prime borrowers attempt to improve credit rating
Sub-prime borrowers attempt to improve credit rating
Wednesday 8th October 2008
A survey conducted by Mintel found that 22 per cent of sub-prime borrowers plan to focus on improving their rating this year.
Meanwhile, 14 per cent admitted to having recently checked their credit record.
Toby Clark, senior finance analyst with Mintel, said that the trend is a sign that consumers are starting to understand the impact that the credit crunch is having on them and the difficulty that they now face in taking out loans, credit cards and mortgages.
Mr Clark said: "This is the first real indication that borrowers are taking their finances seriously. And it is clear that they really are starting to think and act more responsibly when it comes to their money."
The survey comes amid mounting fears of a UK debt epidemic this year, with tens of thousands of consumers expected to seek professional debt advice as the credit crisis continues.
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