Lack of credit cards 'causing problems' - Credit cards - News - Moneyfacts


Lack of credit cards 'causing problems'

Lack of credit cards 'causing problems'

Category: Credit cards

Updated: 24/12/2008
First Published: 22/12/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The lack of finance over the last 12 months has led Britons to dip into their savings, it has been found.

According to research from Equifax, one in three people would now seriously struggle within a month should they lose their job.

And having little to fall back on would be particularly problematic, as the credit reference agency noted that credit cards are now "severely limited".

"The financial confidence of the UK population has changed enormously in the last year ... consumers simply don't have the funds or access to credit to fall back on," said external affairs director Neil Munroe.

However, many Equifax customers are confident that they could find work elsewhere should they be made redundant, with 28 per cent of respondents expecting to be able to gain employment in the same sector within a month.

The Office for National Statistics has revealed that unemployment reached six per cent in the months to October.

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