Credit scorer warns borrowers lacking financial maturity to understand debt

MORE than half of people with a personal loan or credit card debt may have borrowed too much due to a low level of financial maturity, a credit scorer has warned.

Aire, which uses artificial intelligence rather than traditional methods to help assess borrowers, asked a sample of more than 2,000 adults whether three financial commitments – a £9.99 monthly Spotify fee, £7.49 a month for Netflix and a £20.26 weekly payment for a sofa – would come to above or below £1,000 over a year.