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Unsecured loan fears delaying major purchases

Unsecured loan fears delaying major purchases

Category: Loans

Updated: 25/06/2009
First Published: 17/12/2008

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 It is now over 6 months old so the content may be out of date.

Fears over being granted secured and unsecured loans are causing consumers to change their purchasing plans, it has been revealed.

According to research carried out by CreditExpert.co.uk, half of all adults in the UK are putting off buying a car in the next 12 months due to the economic downturn.

Nine out of ten people told the credit report service that they are postponing their plans because they expect to be refused credit, but managing director Jim Hodgkins noted that checking credit reports can help.

"There's no doubt that uncertainty about future financial security for many people right now means putting plans on hold," he observed.

Other findings included the fact that 30 per cent are putting off buying a house in the next year, while 27 per cent of people will delay changing jobs.

Citizens Advice recently found that enquiries relating to mortgages and secured loans have risen by 35 per cent in 2008.

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