Earlier this week, leading credit broker CashLady announced the launch of the first ever consumer credit index, giving media professionals a unique new insight into the financial situation of millions of people across the UK.
The Consumer Credit Index can be used to report the number of people applying for emergency financial support in each of the fourteen ‘ITV regions’ across the UK; including East Anglia, Central, London, STV, UTV, Tyne Tees and Wales. This allows media professionals to identify which areas of the country are struggling the most.
Short term loan applications UK
The Consumer Credit Index will allow journalists to track the number of people applying for short term credit through leading credit broker website CashLady.com, and a variety of valuable data, via an interactive map of the UK.
Late last year, The Mirror published an article revealing that the number of Britons applying for payday loans to cover rent and mortgage payments had more than doubled in just two years, with emergency loan applications increasing by 93% over the same period of time.
Data in the Index will also show the top three ‘loan purposes’ given in each of the areas, ranging from “unexpected expenses” to “paying bills”, which will be updated each month to provide accurate information to media professionals.
‘State of the Nation’ intelligence
The consumer index will also provide unique data, such as the average monthly income of those applying for short term credit and the top three employers for each region whose workforce consistently needs emergency financial help in between pay cheques.
Studies last year found that NHS workers were most frequently applying for emergency support, followed by supermarket staff from Tesco, Asda and Sainsbury’s, according to Business Wire. Members of the armed forces were also among the top five employers requesting short term loans.
The new Consumer Credit Index will include both month on month and year on year comparisons, allowing journalists and socio-economic commentators to see the developing financial situation of real people across the nation. The ‘loan purposes’ data will also help to highlight the specific financial struggles that are most common in each region.
Is the consumer credit index important?
Managing Director of CashLady, Chris Hackett, stated that people from all over the country go to short-term credit brokers when they need emergency financial help, which gives them a unique view of the UK as a whole.
“The Consumer Credit Index allows us to put the data we collect to good use and help journalists get deep insights into the state of the nation”.
He also stressed that the Index will be invaluable, not just for forming accurate insights and reports, but also for triggering wider change in the economy.
“We believe this not only provides a valuable source of unique data, but helps to add weight to important stories that help local governments or employers wake up to the struggles often being faced by their constituents and workforce respectively.”
For more information about the index, email firstname.lastname@example.org