Would you credit it?

People telling stories about credit

"Would you credit it? focuses on how people that are on low incomes, and are often over indebted, understand and learn about the terms, conditions and cost if the credit they choose. Evidence shows that lack of knowledge plays a contributing part in increasing levels of debt and poverty. The findings in this report have arisen, for the most part, from 43 people telling their own stories in a series of focus groups throughout Britain, about the credit they use. The research also included 315 low income consumers who responded to a quantitative survey distributed by an independent market research company through money advice agencies, citizens advice bureaux, credit unions and registered social landlords across England, Scotland and Wales. It reveals more about borrowing and consumer debt in low income communities and raises questions about the impact if low levels of financial literacy within low income communities. The lack of understanding of the cost of borrowing in low income communities is of particular concern in this report.

This research project was initiated and supported by The Co-operative Bank in association with Liverpool John Moores University and Citizens Advice Bureau

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