Personal loan borrowing down in December
26 January 2010 16:02:25
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| Fewer personal loans were approved during December. |
The British Bankers' Association (BBA) confirmed that the volume of new personal loans and overdrafts was £475m lower than during the same period 12 months earlier.
According to the group, this represents the 13th consecutive month of declines as consumers continue to focus on paying back their unsecured debts.
"Households' unsecured borrowing contracted throughout the year, particularly on personal loans," commented David Dooks, the BBA's statistics director.
"After paying down debt, people sought to build up their savings."
The seasonally-adjusted figures, which were collated from high-street banks, also revealed that £1.099bn in gross structured personal loans were approved in December.
However, this was marginally lower than in the previous month (£1.101bn) and significantly less than the total of £1.681bn recorded for December 2008.
Chris Tapp, director of financial education charity Credit Action, claimed recently that he expects the personal loan market to be "more moderated" in 2010.
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