Complete Finance Blog

Credit card and loan trends have changed recently. Consumer borrowing habits for credit cards and other financial products have fundamentally altered since 2007, a certified financial planner has suggested.

Speaking to MSN.com, Jason Butler of Bloomsbury Financial Planning said that the era of easy credit had now finished.

Instead, more consumers were found to be borrowing and spending within their means since the onset of the global credit crisis in 2007.

Meanwhile, credit providers have also tightened their lending criteria for consumers as a result of the crunch.

Latest Bank of England figures show that credit card lending expanded by a net £79m during September 2009, the lowest amount recorded on the survey since December 2008.

The institution’s separate Credit Conditions report also suggested that the availability of unsecured credit from UK financial services firms would remain tight until the end of the year at least.

“The past two years have been a cathartic time,” Mr Butler said.

“Make use of tax breaks. Spend what you earn.”

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