According to the most recent reports in the credit card news, lending on credit cards increased in the last month, despite financial services problems in other sectors.
According to Bank of England statistics for August, net credit card lending increased by £0.7 billion, a greater increase than that reported for July. Other loans also soared, by £0.5 billion.
However, despite the upswing in credit card lending, the annual growth rate slowed to 6.2 per cent, the research indicated. The Bank of England claimed that in the same period remortgages and mortgage approvals fell significantly.
The figures support reports earlier this year by the British Bankers’ Association that indicated credit card holders may be coping with the credit crunch.
Increase in credit card lending
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Increase in credit card lending
Mon, 29 Sep 2008
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