Latest Equifax research reveals people successfully managing their finances for 2014
London, March 2014 – Following delivery of the 2014 Budget, the latest figures* from Equifax, the leading online credit information provider, suggest that consumers are managing their debts despite the cost of living increasing.
The latest Equifax research reveals that nearly 30% of people have no debt on store cards, credit cards, payday loans or other credit agreements payable over 12 months or less. In addition, over 40% of consumers have the same amount of debt that they did 12 months ago, with over two thirds saying that their disposable income has either increased or stayed the same compared to last year.
Neil Munroe, External Affairs Director for Equifax believes these figures demonstrate consumers successfully managing their finances and trying to pay off their debts even though they continue to face quite difficult economic circumstances.
“Conducted ahead of this month’s Budget, our latest research provides insight into the way that people are managing their money and trying to put themselves in the best financial position as possible. It’s not surprising that consumers feel the pinch with daily expenses as the cost of living increases whilst earnings haven’t changed much, but it’s great to see that the increased financial pressure is being coped with well. Indeed, with 46% of respondents saying that they put savings away each month from their disposable income there’s a real sense of prudent financial management amongst UK consumers.”
One area of concern, however, that the Equifax figures have highlighted is the fact that nearly half of consumers would stop paying into their pension if their financial situation changed and they needed to make savings. Life insurance cover would also be stopped by over 40% of respondents to the Equifax research, and nearly half would stop paying their home building insurance.
“You can never know when your financial situation will change so it is important for consumers to keep track of their regular outgoings,” continues Neil Munroe. “Consumers should keep a close eye on their finances, including regularly checking their credit report. It is not unusual to receive an unexpected high bill, particularly after the winter months, but having clear sight of your finances will put you in the best possible position to know how you can pay it off and where you could potentially cut back in spending.”
The Equifax Credit Report is accessible for 30 days free simply by logging onto www.equifax.co.uk. If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.
*Equifax Personal Solutions customer survey- February 2014- 1,158 respondents
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Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
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