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Credit card lending shows small rise, study shows

Thu, 31 Aug 2006

Credit card lending in the UK rose by £0.2 billion in July, according to new figures.

This is higher than June's rise of £0.1 billion, while the total net lending to individuals, at £10.9 billion, was also above June's increase, Bank of England statistics show.

July's growth in net lending was also higher than the previous six-month average, while the 12-month growth rate also rose by 0.2 per cent to 10.5 per cent, as did the three-month annualised growth rate, by 0.4 per cent to 10.8 per cent.

The total growth in consumer credit, such as credit cards and personal loans, was £1.1 billion, which was higher than the increase recorded in June.

In addition to credit card lending, the net lending for other loans and advances rose by £1.0 billion in July, which was higher than June's increase of £0.8 billion, while the three-month annualised growth rate increased by 0.2 percentage points to 6.3 per cent..

However, the annualised growth rate of consumer credit fell once again, to 7.2 per cent in July.

Concerns have been raised about the total level of debt for credit cards and personal loans, which recently topped £1.2 trillion.


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