Confessions of a credit junkie

This week sees the release of ‘Confessions of a Shopaholic’, a film about a young woman who heads into a financial crisis when her shopping habit sees her credit card get refused and she has to face up to mounting debts. Whilst this might be the work of fiction, leading online credit information provider, Equifax, says it is actually the reality for many women with its latest survey revealing that 44% of women would not survive financially for more than a month if they lost their job.

“’Confessions of a Shopaholic’ may have a fairytale ending, but for many women their credit card debts will stay with them way past the end of the movie,” explains Neil Munroe, External Affairs Director for Equifax. “Worryingly, 38% of women we surveyed just before Christmas said they had been refused credit in the last six months and in a survey conducted amongst our customers last year 34% of women who responded say they did not know how they would pay a large bill if they received one unexpectedly. Loss of income and job losses are hitting news headlines every day, which means many women are in a very vulnerable financial position.”

For individuals with high levels of indebtedness, even small changes to their circumstances can have a significant impact on their ability to meet repayments. Equifax advises individuals to be realistic about the amount of debt they can take on as Munroe concludes, “It is clear that women – and men - are more likely to struggle with their finances when times are tough. So it’s more important than ever that they access their credit report and take stock of their financial status. As the current crisis begins to hit home, everyone needs to reassess their credit commitments and take control of their finances to secure their future.”

The new Equifax Credit Report, with the facility to access credit information for the first 30 days free, is accessible simply by logging onto equifax.co.uk. Designed to help individuals understand their credit file and see what lenders see to assess new credit applications, the Equifax Credit Report also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life’s challenges.

If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £6.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.