Consumer confidence up despite debt concerns

25 January 2010

Consumer confidence increased in the final quarter of 2009, according to a new report from the British Retail Consortium (BRC), although concerns about personal debt remained high.

The BRC said that more people were feeling positive about their job prospects and personal finances in the last three months of last year, although overall confidence remained well below the levels seen before the recession.

Personal debt levels are the biggest worry for most people over the next six months, according to the report, followed by the economy and rising utility bills.

A debt expert at Think Money said: "Debt remains a concern for many people in the current economic climate, with can be both a good thing and a bad thing.

"On the one hand, it suggests that many people are still struggling with debt. But on the other hand, it does mean people are more likely to focus on putting what they can towards their debts."

Indeed, the BRC said that 69% of people put any spare cash (after covering essential spending) towards improving their personal finances.

Tags: debt, confidence, consumer confidence, British Retail Consortium, BRC

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