Millions of UK consumers have been warned to take heed of the still very real financial threat posed by the credit crunch anomaly.
Drawing its facts from a recently issued report drafted by the Bank of England, one of the UK’s leading financial intermediaries has warned that any consumer with credit commitments running in excess of 45% of their net income, needs to be aware that their financial health could be at risk. It has also been suggested that any borrower with a home loan commitment running equal or greater to two thirds of their total advancement may also be in jeopardy.
One expert commented that we are currently living in an age of uncertainty with regards to the credit markets and it would be wise for consumers to curtail the rate in which loans, credit cards and other financial products are acquired. Furthermore, it may also be a worthwhile exercise for consumers to conduct their own financial health check as a means to ascertain if they could be at risk from a potential shift in the markets.
