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It is vital that lenders understand the personal impact of the pandemic

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16.09.2020

Our capital city is expensive. Many of us rely on credit to make ends meet here.

We are also a city made up of renters, recent immigrants, gig workers and young professionals – many of whom will, through no fault of their own, struggle to access credit. They are invisible to lenders and therefore denied the opportunity and freedom that credit provides.

Read more: Coronavirus: 700,000 jobs lost since March

Pre-pandemic, credit demand was higher in London than anywhere else in the UK, yet acceptance rates were lower, at just 51 per cent versus 69 per cent elsewhere.

Research run by Aire in February showed us that one in five Londoners struggled to keep up with payments – twice the national average. Six months on from the start of lockdown, we do not need to repeat the research to know that these figures are rising.

The support packages put in place by the UK government have been for the most part a help to Londoners. Credit where it is due, consumers have responded more prudently to this downturn than in 2008. We have made........

© City A.M.


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