Credit card repayments outstrip spending in July
27 August 2010 13:56:55
 |
| Britons focusing on paying off credit card debts. |
The British Bankers' Association (BBA) revealed that consumers made a total of £6.2bn in repayments during the month, while new spending reached £5.9bn.
Although £254m of extra credit card borrowing was recorded in comparison to June, the organisation explained that this was largely to due to accruing interest.
In addition, the number of credit card purchases declined from 96.1m to 94.8m, while personal loans lending was down 16% on a year-on-year basis.
"Consumer credit outstanding continues to reflect high repayments together with pressure on household finances and job uncertainty while companies are tending to retrench and reduce their bank borrowing," said BBA director of statistics David Dooks.
The BBA findings come after Barclaycard's latest 'Spending Index' suggested recently that spending on UK debit and credit cards increased by 9.9% in July in comparison to the same month in 2009.
‹ Back
Other Credit cards News
-
Bank withdraws charity credit card scheme
Lloyds Banking Group will no longer offer charity credit cards. -
Nearly one in five new retirees owe money
Many retirees have outstanding credit card debts. -
Prepaid travel cards for gap year trips
Prepaid travel cards offer a safety net to young 'gappers'. -
Credit card use to rise in January
More people expect to rely on credit cards in January.
All Credit cards 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.