Yorkshire has more credit confidence

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Published: Tuesday 24th March 2015 by The News Editor

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More families in Yorkshire are paying off their debts and saving more compared to last year, according to new figures.

Almost 45% of consumers in Yorkshire are planning on saving more over the next 12 months, as opposed to just over a third (35%) last year, according to the report on the consumer credit industry by PwC.

The growth in consumer confidence in the county is a reflection of the recovering economy, the report says.

Only 16% of respondents to the survey said they are worried about making future loan and credit card repayments, compared to almost a third in August last year.

Nearly four in 10 across Yorkshire say they pay off their credit cards in full every month, while the number of consumers dependent on credit to pay for essentials such as food and household bills is at just 8%, down from 11% in 2013.

But Gary Shaw, PwC’s financial services leader in Yorkshire, warns that things could quickly change if the cost of borrowing goes up, potentially adding hundreds of pounds a year in interest costs.

Copyright Press Association 2015

Published: Tuesday 24th March 2015 by The News Editor

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