A number of UK consumers are looking to pay down their debt in the current financial climate, an expert has suggested, which may include the likes of
credit card debt.
Following the publication of the latest high street bank statistics from the
British Bankers' Association (BBA), the organisation's David Dooks noted some of the recent trends that have been witnessed in the UK.
Mr Dooks, statistics director at the BBA, commented that in recent times consumers have been "paying down debt rather than building up savings, even in the main Isa season".
Meanwhile, the confidence felt by consumers in the UK may stay at a fairly low level in the near future, he went on to suggest.
Confidence will be impacted by economic uncertainty, Mr Dooks pointed out.
While the country's present financial situation may be having an impact on people's confidence, Datamonitor financial services analyst Roderick Logan recently noted that
credit card debt is also likely to be troubling some.
Posted by Tom Burroughs.
