Peoples credit ratings continue to tumble

It is estimated that in the next year bad credit ratings are going to affect a larger number of British people than ever before. It is estimated that in 2012 the average adult in the UK is likely to be worse off, with around 40 percent of people facing a worse financial situation this year compared with last. The figures have come out of the website uSwitch.com which does price comparisons.

Nearly half of the people who responded to the survey stated that they expect things to be tougher this year and nearly half are not confident about the future of the economy. Only three percent of consumers in the UK said that they were confident about their finances for the coming year and only 15 percent said that they feel the economic situation in the UK will improve in 2012.

The survey indicates that people are finding it more difficult to manage their finances and deal with the increased cost of living. Many people are struggling as wages are not increasing but the price of goods, especially fuel, is increasing dramatically.

MoneySupermarket.com has recently released an analysis which showed that in the winter people are going to face particular financial hardship as a large amount of money is going to have to be spent on heating their homes. In the winter, nearly half of survey respondents stated that they faced a significant reduction in their disposable income because of increased spending on fuel.

Many people are expected to turn to credit cards as a way to meet their bills and this has led finance expert Michael Ossei to comment, “2012 is going to be the difficult financial year and it is important that people work out ways to reduce their debt and limit their spending significantly.”

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