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Fewer personal loans issued in November

03 January 2010 13:07:04

Personal loan uptake decreased slightly during November.  image
Personal loan uptake decreased slightly during November.
High street banks issued slightly fewer personal loans over the course of November, it has emerged.

The British Bankers' Association (BBA) conducted a study which found that £1.1bn in new loans was agreed during the month, representing a £100m decline from October.

Although this compared to an average of £1.3bn for the past six months, the November figure was 43.7% lower than for the equivalent period in 2008.

Howard Archer, chief economist at IHS Global Insight, explained that the research underlines a shift towards savings, but also a "lack of availability in unsecured credit from banks".

"It is yet another example of consumers looking to improve their financial situations in the current difficult and worrying economic environment," he added.

The BBA data also revealed that Britons currently have a combined £58.3bn in outstanding personal loan debt, on a non-seasonally adjusted basis.

Last week, MSN Money indicated that consumers with perfect credit ratings could take out a personal loan as an ideal short-term boost to their Christmas funds.ADNFCR-2196-ID-19529548-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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