Who Is to Blame for Skyrocketing Consumer Credit Debt?

by Brian Riley 0

Bank Cards

Fingerpointing begins in the UP as the Bank of England begins to scrutinize the £200 billion in consumer debt; similar to the United States, UK debt is now beyond the pre-recession highpoint.

The P2P lending association disclaims responsibility for high debt, pointing to:

  • this comprises £68bn of credit card debt, £58bn in motor finance, £15bn in various forms of higher cost credit, and £7bn in overdraft credit.

  • “I don’t think it’s specific to alternative lenders at all, but I think the regimes do need to tighten up elsewhere in the market,” said Farnish.

Mercator Advisory Group believes every retail lending channel deserves a hard look.  It is time to cut losses and take advantage of recent portfolio growth; here are seven strategies to take advantage of the growth wave.

Overview by Brian Riley, Director, Credit Advisory Group at Mercator Advisory Group

Read the full story here

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