Data from recent FCA Financial Lives surveys reveals that 84% of UK adults held at least one consumer credit product over the past year, reflecting the central role that credit plays in managing household finances.
Key Findings
The survey highlights several important trends:
- Credit card usage: 63% of adults hold at least one credit card, with the majority using them for everyday purchases and paying the balance in full each month.
- Overdraft reliance: 18% of current account holders used their arranged overdraft facility at least once during the survey period, most commonly for short-term cash flow management.
- Buy Now, Pay Later: Usage of BNPL services has stabilised following rapid growth, with 27% of adults having used such services in the past 12 months.
- Personal loans: Demand for personal loans has increased modestly, particularly for home improvement and vehicle purchases, reflecting consumer confidence despite economic uncertainty.
Bank of the West's Support
We remain committed to responsible lending and proactive customer support. Our affordability assessments are thorough yet fair, and our arranged overdraft facilities are designed to provide a safety net, not a long-term borrowing solution.
Customers experiencing financial difficulty are encouraged to contact us early. Our dedicated support team can discuss options including payment plans, temporary interest rate reductions, and signposting to free debt advice services.