FLA publishes consumer credit research

The Finance and Leasing Association has published a research paper that looks at what improvements consumers would like to see in consumer credit. While many respondents thought the products and markets are functioning well, there is widespread concern about the consequences of struggling with repayments.  The report suggest 4 principles that should apply to consumer credit:

• greater personalisation – with tailored products
• greater flexibility – on how and when to repay
• greater control – over the choice of products and how they work and
• greater education – to understand how lending decisions are made