Recent reports indicate that British consumers are having an increasingly tough time sourcing a competitively priced loan to consolidate their debts.
According to a leading financial advice firm, a national withdrawal of low interest personal loan plans spurred by the ongoing effects of the credit squeeze is forcing large numbers of consumers to seek alternative credit management solutions.
It is thought that some 60% of indebted Brits are now pursuing the help of debt management and IVA companies as cheap loan borrowing options become all the more difficult to attain.
Additionally, homeowners are also having a tough time in convincing their mortgage providers to extend the term of their home loan to encompass their unsecured debts, whilst a spate of secured loan providers have drastically raised the bar with regards to LTV acceptability.
Viewed as an industry whole, access to cheap rate credit has effectively disappeared for the majority of borrowers within the country and whilst its departure is certainly not permanent, it is unlikely for low cost credit to make a return any time soon. Consumers, who do feel as though their options have depleted and have nowhere else to turn, are advised to seek advice from their local CAB.
