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Personal Credit Index shows increased consumer confidence

Consumer credit confidence has shown an increase during the second quarter of this year, according to CreditExpert's Personal Credit Index.

A total of 76 per cent of people are comfortable with their level of debt, which is up one point from the first quarter of the year.

Additionally, 21 per cent said their borrowings had decreased in the last six months, with 30 per cent of borrowers expecting their level of debt to fall further in the next six months.

CreditExpert is the online credit monitoring service from Experian.

Jim Hodgkins, managing director of CreditExpert, said: "Now reporting for the second quarter, the Personal Credit Index provides an important indication of consumer confidence levels by tracking their attitudes to their credit situation.

"Given the current background of interest rate rise discussions, the index will continue to play an increasingly central role in measuring consumers' attitudes to their financial circumstances."

He added that it is important to ensure that people are "constantly aware" of their financial situation by checking their credit report and making sure "there are no changes that could affect [their] ability to borrow in the future".

CreditExpert tracks the credit confidence of 2,000 UK consumers, reporting results on a quarterly basis.