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UK Savings and Loans Market Rates Credit Crunch Five Years on

Personal_Finance / UK Banking Aug 07, 2012 - 10:13 AM GMT

By: MoneyFacts

Personal_Finance

We are now five years into the credit crunch and the following table shows how it has affected our personal finances.


Sylvia Waycot, spokesperson for Moneyfacts.co.uk, comments:

“The credit crunch may have officially started five years ago, but its pain is still as raw today as it ever was.

“Savers continue to be hurt by the enormous drop in savings rates and they have little hope of beating inflation let alone supplementing incomes or growing nest eggs. Increased talk of the Bank of England further reducing its base rate will only add to the air of despair.

“Mortgage borrowers will have benefited where savers dipped out. They will have seen the amount they pay each month go into free-fall over the last five years. However, the fall in house prices, stricter borrowing rules and a general reluctance from providers to lend mean that many may have struggled to find a new mortgage once a fixed rate deal ended resulting in a much narrower choice and therefore cost too.  

“Personal borrowing and credit cards have actually become more expensive despite the fall in base rate. This is an extension of a lack of appetite for risk that kicked in at the start of the banking crisis when it became harder for anyone to get a credit card and personal loans became driven by credit rating rather than a generally offered rate.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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