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Banks 'should help consumers' during downturn

Banks 'should help consumers' during downturn

Category: Loans

Updated: 11/03/2009
First Published: 11/03/2009

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 It is now over 6 months old so the content may be out of date.

Financial institutions have been urged to provide some relief to those with secured loans during the economic downturn.

Consumer campaign group Which? called for a "responsible approach" to be taken to repossessions, following findings that Britons expect the economy to take time to improve.

According to the body, 80 per cent of people think it will be at least a year before a recovery takes place, with nearly a quarter of predicting an upturn will not occur for twice as long.

"Consumers aren't under any illusions - they know the financial crisis will take time to sort out," said personal finance campaigns manager Doug Taylor.

And Which? noted that almost half of respondents expressed a belief that the government is in the best position to create a solution, with just 14 per cent thinking banks can improve the economic climate.

Last month an Asda poll found that 73 per cent of people blame banks for acting irresponsibly and providing too many secured and unsecured loans.

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