Credit card conditions stay tight
24 November 2009 16:36:08
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| Consumer credit has fallen by a net £100m. |
Overall consumer credit lending, including credit cards and personal loans, showed a net decline of £100m compared to September.
This signals that many Britons are reducing their borrowing in order to spend within their means in the recession.
The BBA figures also showed that mortgage lending increased by £3.1bn compared to the previous month.
In addition, the statistics revealed that the number of approved loans for home purchases rose by almost 5% when compared to October 2008.
David Dooks, statistics director at the BBA, said: "The longer it takes to emerge from recession, the longer we will see households and businesses continue to borrow with caution."
He added: "The banks' mortgage lending, still growing by more than 4% a year, shows one aspect of consumer behaviour but unsecured borrowing is subdued and people are building up deposits."
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