FinanceuSwitch Price ComparisonsAre you really getting the best deal on your borrowing? Are you really getting the best deal on your borrowing?
17/04/2008
The credit crunch appears to be tightening, and experts say that that there will probably be a further drop in the amount of credit available to consumers in the coming few months.
Most households have been disrupted by the credit crunch, according to Vicky Redwood, UK Economist at Capital Economics, as both personal loan and credit card rates have changed.
Furthermore, those opting to take out mortgages have found that they are having to place down larger deposits while higher rates are levied in the main on these deals, she observed.
And the problems are unlikely to be averted in the near-future, she suggested, because of the economic turmoil. Neither has the cut to the base rate of interest had much of an impact on the amount of credit available – or the rates available to customers, as building societies are not passing these on yet. “Things are likely to get a little worse before they get a little better," she said.
To find out if you’re getting the best deal on your loans, mortgage and credit cards, or to see if you can consolidate your borrowings, you can compare the options through price comparison site uSwitch.
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