Consumers 'learning from credit crunch experiences'

Consumers are looking to avoid the recurrence of financial problems they may have experienced during the credit crunch, an expert has noted.

According to lovemoney.com's Ed Bowsher, a number of people are trying to learn from past errors.

Mr Bowsher, the website's head of consumer finance, commented: "They are trying not to borrow as much, they are trying to save and they are trying to repair their finances and quite rightly."

He added: "That is absolutely the right thing to do really."

The expert did suggest that some people may have looked to get credit cards ahead of the festive season but December did not see a major rise in the amount being spent with such products.

Bank of England figures relating to individual lending in the final month of 2009 have revealed that there was a £0.2 billion rise in the amount of lending relating to credit cards.

Posted by Tom Burroughs.