A Guide to Borrowing from your Bank gives straightforward advice on how to borrow money without over stretching, explaining the different types of products available and the circumstances when they are most frequently used. It includes a simple budget planner to help customers consider carefully whether they can afford to take on extra borrowing and useful tips on comparing costs and shopping around.
Credit Scoring provides a summary of this widely used system for assessing applications for credit, explaining the way that different credit scoring systems work and how they are used by lenders when making lending decisions.
Ian Mullen, chief executive of the BBA said: "These simple guides have been launched in response to public demand for easy to read information on what they should consider if they are thinking about borrowing money. There is, of course much valuable work being done around financial literacy, including the announcement today from the Financial Services Authority of a national strategy for financial capability, which is broadly in line with the views that the BBA put forward."
