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Consumer confidence ‘lowest since July 2008’

30/01/2009

Consumer confidence fell to its second-lowest level on record this month, as the pressure of the economic downturn continued to affect British consumers.

The GfK NOP index fell by four points to -37 – lower than at any point during the 1980s and 1990s recessions.

This follows Nationwide Building Society’s recent Consumer Confidence Index release, which said that confidence had fallen by 8% in December, compared with the previous month.

A spokesperson for Debt Advisers Direct commented: “With the current problems in the economy, it’s to be expected that confidence is low. Consumers are experiencing shrinking incomes alongside high costs, which raises the risk of falling into debt.

“There are signs now that banks and other lenders are reducing the cost of borrowing money, which may help consumer confidence rise again.”

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Debt Advisers Direct offer a range of debt solutions for various situations, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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