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UK finance watchdog flags concerns about repeat lending, affordable credit

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Britain's financial watchdog is stepping up its vigilance of credit providers who encourage customers to take on more loans than they can afford, putting them at risk of a personal debt spiral that could ramp up their financial difficulties.

LONDON - Britain’s financial watchdog is stepping up its vigilance of credit providers who encourage customers to take on more loans than they can afford, putting them at risk of a personal debt spiral that could ramp up their financial difficulties.

The study, which was completed prior to the coronavirus pandemic, also showed that nearly half of consumers regretted borrowing more money while some had missed payments and were forced to prioritise repayment of debt over other expenses. Before the pandemic, it saw increasing numbers of complaints about high-cost lenders’ relending practices and affordability assessment failures, which suggested some were not relending in a way that was sustainable for customers, Davidson said.

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Borrowing to pay off borrowing debts. UK economic recovery is well underway then.

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