Press Release

SECOND JOBS SUPPLEMENT LOST INCOME

Equifax research reveals that nearly 1 in 10 have taken on a second job to make up for lost income in the last year

London, 8th February 2010 - The latest research from leading instant credit information provider, Equifax, reveals that the financial impact of the last year is pushing some individuals and families into taking on second jobs to make ends meet.

The survey of Equifax Personal Solutions customers* showed that 20% have lost income either through cutbacks in overtime, an enforced pay cut or reduction in working hours, or because they didn't get a bonus last year. And for nearly 1 in 10 this has meant they have had to take on a second job to cope financially.

"Whilst these numbers are relatively small, they are based on a survey of financially active consumers and therefore seem to back up various reports that this recession has been hitting the middle classes hard" confirmed Neil Munroe, External Affairs Director, Equifax.

"At the start of 2010, nearly a quarter of respondents said they had not had a pay rise so far this year and 64% are either not expecting one, or are unsure if they will get a pay increase. And that appears to be putting increasing pressure on family budgets."

The financial pressures being faced by families and individuals is further illustrated by the analysis of how consumers are paying off their credit card debts. The Equifax survey found that more than a quarter (27%) have changed the way they pay off their credit card debt, compared to a year ago. And of these, 40% are paying less than 25% of the full amount or just the minimum repayment each month.

"Nearly a third of consumers surveyed said that they felt they were in debt because their living expenses had increased in the last year" continued Neil Munroe. "This is a big challenge for many families. Whilst interest rates have dropped, the cost of many essential items hasn't followed suit and this is adding to the burden on those already juggling various monthly financial commitments.

"But our survey does also seem to suggest some optimism amongst consumers, with 37% saying they want to be able to pay off more debt during this year and 23% aiming to save more."

In the current climate, the key is for consumers to be as informed as possible in order to manage their finances. The Equifax Credit Report, with the facility to access credit information for the first 30 days free, gives consumers a valuable insight into their credit status. Accessible simply by logging onto www.equifax.co.uk it is designed to help individuals understand their credit file and see what lenders see to assess new credit applications. It 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.

ENDS

*Equifax surveyed 957 customers of its Personal Solutions services, at the end of January 2010.

For further press information or interviews with Neil Munroe, please contact: Cecile Stearn, Margot Tomkinson, Jenny Staniforth or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: cecile@harrisonsadler.com