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Consumer credit is "leveller for society"

Credit products such as loans can be a significant social enabler when they are used sensibly, according to one expert.

Helen Saxon, spokesperson for the Finance and Leasing Association (FLA), said that while credit is beginning to see something of a decline in popularity among consumers, it can still do much good as long as it is handled responsibly.

She said that consumer credit can allow people to buy things they would not normally be able to afford, thus acting as a "leveller for society".

"We have seen credit available to more and more people as time has gone on - and we have seen consumer spending pretty much propping up the economy," Ms Saxon commented.

The FLA is a representative organisation for businesses in the asset, consumer and motor finance sectors. Its members provided £65.5 billion of credit in total to consumers during 2006.

See how much you could borrow when you apply for a loan with Lombard Direct.

27/06/2007 16:11:21

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