Published by: Financial Conduct Authority
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ey Take Aways
The survey reveals that 84% of UK adults hold or have held credit or loans recently, maintaining high engagement levels despite fluctuating economic conditions.
Mainstream credit products, notably credit cards (65%) and overdrafts (21%), continue to dominate consumer borrowing, with significant increases in credit card possession among the older population.
Usage of high-cost credit has increased modestly, now held by 6.4% of adults, with payday loans and rent-to-own schemes most prevalent.
Decline rates for regulated credit applications remain steady, but 22% of applicants experienced rejection, predominantly those applying for high-cost credit, overdrafts, or personal loans.
Consumers’ ability to compare products before borrowing remains low; only about half of high-cost credit holders usually compare offers, with disparities linked to financial capability.
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