LONDON, April 26, 2016 /PRNewswire/ --
As of March 2016, fiscal watchdog, the Office of Budget Responsibility found that the country's households were on their way to spend £58 billion more than they earn in this year and a total of £68 billion more by the end of 2020.
It was believed to be £41 billion more than what consumers earn in 2016 and £49.2 billion more by the end of 2020.
It subsequently estimates that net unsecured consumer borrowing - by taking out loans and credit cards - will rise to £447 billion in 2016 and £662 billion by the end of 2020.
The watchdog calls these figures "unprecedented," as this paints a grim picture of how consumer debt levels seem to be on a continual rise.
Sati Dhanjal, Vice President at MyCreditMonitor believes that if there was ever a need for consumers to get into the habit of checking their credit scores and credit reports regularly, it is now.
He says: "While such predictions do suggest that national consumer debt levels are looking to spiral out of control, consumers ought to know what they are getting themselves into.
By checking their credit scores and viewing their credit reports regularly, consumers can take stock of how much they are spending, what they are spending the credit on and begin to understand how their spending via credit is affecting their credit scores.
By having tangible data in front of their eyes, consumers can monitor how high or low their credit score is and take control of how much credit they are actually utilising."
Generally, lenders grant credit to those consumers who typically maintain regular credit repayments and can be trusted with paying off any further credit that they seek.
Such consumers usually have good credit scores that can suggest to lenders that they can be trusted in repaying any credit that they utilise.
However, those consumers with poor credit scores should have the scope to improve their credit files and have access to comprehensible resources to help them achieve this.
For more information, visit www.MyCreditMonitor.co.uk.
Content Marketing Executive, MyCreditMonitor
Tel: +44(0)1753 828 195
Mobile: +44 (0)7 9202 60098