Credit concerns 'affecting behaviour of consumers'

Worries over the possibility of damaging credit histories are affecting the behaviour of consumers.

This is according to Confused.com, which suggested that many people are reluctant to seek credit as they fear that unsuccessful applications will tarnish their records.

In turn, this would reduce their ability to get loans, mortgages and credit cards in future, they believe.

The organisation found that almost 40 per cent of people surveyed would not apply for a credit card as a result of such concerns.

Confused.com's Joanne Garcia pointed out that people aged 22 to 30 are the most conscious about the potential of a black mark on their credit rating.

She remarked: "The financially savvy young look to the future and see problems about not only getting a credit card or loan, but also to finding a decent mortgage."

Recently, PricewaterhouseCoopers released figures showing that the number of credit cards in circulation in the UK declined by eight per cent over the last year.
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12/11/2009 14:22

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