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Consumer credit confidence rises as Sun comes out

Wed, 26 Jul 2006

The good weather is one of the factors that have led to an increase in consumer credit confidence, according to the Personal Credit Index, compiled by CreditExpert .

In the second quarter of this year, on average across the country, the index rose from 100 to 106, demonstrating that despite higher utility prices consumers are still confident about credit, which includes borrowing on loans , credit cards and mortgages .

The rise in confidence has been attributed to optimism about the summer, the good weather and also World Cup fever.

In quarter one, 22 per cent of consumers with multiple credit cards said that they were unhappy with their level of debt. This figure declined to 18 per cent in the second quarter.

Jim Hodgkins, managing director of CreditExpert, commented: "Given the current background of interest rate rise discussions, the Index will continue to play an increasingly central role in measuring consumers’ attitudes to their financial circumstances."

"It's important that we make sure we're constantly aware of our financial situation, ensuring we check our credit report to make sure there are no changes that could affect our ability to borrow in the future."

In some areas of the UK the rise in the index was even higher; in the Midlands and in Wales it jumped from 100 to 120 in the second quarter.

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