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Reaction to the Bank of England's Credit Conditions Survey Q1 2017 PDF Print E-mail
Thursday, 13 April 2017
Abhai Rajguru, co-founder at Nava responds to the latest Bank of England Credit Conditions Survey (Q1 2017): "There is no doubt that consumer lending is on the rise and it's right that the Bank of England scrutinises all these trends carefully. Concerns about the impact of both inflation, and a potential interest rate rise on the horizon are legitimate. Certain borrowers are stretched and lenders need to be more prudent about lending to them."

"Overall we need a smarter approach to lending and borrowing full stop. Monitoring the volume of credit being extended is a key indicator but it is also very important to take a detailed look at the price people are borrowing at and, most importantly, their ability to repay. With the level of consumer borrowing on the rise overall people should have access to responsible, robust, well-researched credit. To keep costs down borrowers should move away from expensive revolving sources of credit like credit cards. In many circumstances a personal loan allows borrowers to fix interest rates at a manageable level, minimises the risk of an interest rate shock and may be a more affordable option.”

“However, borrowers should keep their options open and not just accept the first deal their bank offers them as it can be more expensive than it should be. Pricing is not transparent and often headline APRs are not the APRs borrowers actually end up paying. Too many end up accepting a higher rate than was advertised because they are not looking elsewhere and pay an unnecessary penalty for not shopping around.”

"When respected and used correctly credit is a powerful tool to help people look forward in their lives but it's important people always borrow in a transparent, smart and sustainable way."

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