Consumer confidence has jumped to a new all time low, thanks in part to the latest news that cheap unsecured loans are hard to find and that the housing market appears to be getting worse instead of better, as many had hoped. Although consumers need to find cheap unsecured loans to help manage their finances, right now, it appears as though that is going to be impossible. Newly higher rates and more closing costs have made cheap unsecured loans a relic of the past and many wonder if they will ever return to their former glory.Nationwide’s chief economist, Fionnuala Earley, said: “Consumer sentiment remained gloomy in May as consumers revised their views about the current economic situation. Darker economic news throughout the month as fuel prices reached new highs, food prices remained elevated and uncertainty about an early cut in interest rates heightened, are likely to be major factors behind this. ”Confidence in spending also took a big knock, but continued faith in the jobs market suggests that this is being driven by the squeeze on people’s incomes from higher prices and weakness in the housing market, rather than fears over job security.”
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