/24-7PressRelease/ - LONDON, UK, October 28, 2007 - Datamonitor, an independent market analyst said that the consumer credit market might dip this year due to global credit crunch hitting the consumer credit segment.
Many Brits might cut down on their plans to take out unsecured loans as the lenders have already raised interest rates and started to reject a higher proportion of loan applications. Over the last six months, the number of rejected mortgage applications has increased by around 60 per cent.
According to moneyfacts, a price comparison service, rates on personal loans have increased by up to 4 per cent since the credit crunch hit the financial market. So, there are indications that consumers might reduce their borrowings in such circumstances.
Maya Imberg, financial services analyst at Datamonitor said: "Both lenders and consumers will find the consumer credit market tougher as a result of the global credit crunch, as well as the prevailing issue of bad debt."
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