Tweet
Credit card lending in April recorded its biggest monthly contraction since August 2006, Bank of England figures show. Repayments outstripped new borrowing by £118m, although lending through loans and overdrafts grew. The figures offer further evidence of families taking a cautious approach to debt in the current economic climate. Total lending to individuals rose by £1.4bn, in line with the average of the previous six months, the Bank said.
Savings effect
Credit card borrowing has contracted in four of the last six months. However, there is some volatility in the figures, as borrowing on plastic rose by £200m in March. "A cautious approach to credit card debt in the current climate is no bad thing," said William Hunter, of Hunter Wealth Management. "Many households have a fair amount of debt already and so a move away from credit card debt is far more sensible than 'maxing out'....Read more here:
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.