Borrowing through personal loans rises in January
19 March 2010 14:26:35
 |
| Personal loan borrowing increased year-on-year in January. |
The Bank of England's latest 'Trends in Lending' report revealed that an additional net £300m in new personal loans was approved during the month on a year-on-year basis.
January's improvement comes after a £100m increase in December, which was the first positive statistic since May 2009, when new borrowing was shown to be flat.
The central bank also revealed that net credit card lending jumped by £200m over the course of January, representing the 13th consecutive month of rises.
One section of the report read: "The total flow of net consumer credit edged higher in January and the annual rate of decline in the stock of lending eased.
"The major UK lenders reported that underlying demand remained subdued and availability was relatively tight."
According to the study, the write-off rate on consumer credit reached its highest level in the year to Q4 2009 since the Bank began compiling the data in 1993.
Earlier this week, the Consumer Credit Counselling Service revealed that personal loans account for over a third of the total debt accumulated by its customers.
‹ Back
Other Personal Loans News
-
1m Brits use payday loans to pay for housing
Many Britons are borrowing to meet housing costs. -
Figures show pre-Xmas growth in personal loans
Many people used personal loans in the weeks before Christmas. -
Finance classes could reduce reckless borrowing
Many youngsters leave school with no knowledge of personal finance. -
One in three support extended family and friends
A personal loan could prevent borrowing from friends.
All Personal Loans News
Other Home Page News
-
Think twice before taking out a payday loan
Payday loan customers may experience severe financial problems in future. -
Planning a trip? Here's where to spend your travel cash
Sterling has made strong gains against many currencies this year. -
Make sure you know your likely broadband speed
Many ISPs are still not being upfront about broadband speeds. -
Save money by checking out fixed-term energy deals
Energy costs are expected to rise again this winter.
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.