Menu
20/05/2005
Fall in credit card debt reported
Credit card debt in the UK has dropped for the first time in over ten years, the British Bankers Association (BBA) has reported.
The BBA reported a fall in net lending on credit cards of £40 million in April – the first fall in this category since May 1994.
However, there was an increase in loans and overdrafts of £415 million (compared to £346 million in March), although mortgage lending dropped slightly, from £4,561 million to £4,030.
However, the Council of Mortgage Lenders (CML) reported that mortgage lending rose by 2% in April, to £21.5 billion and said that the latest figures remained in line with the broad expectations for the year.
The report follows a series of reports, which indicated that trading on the High Street was continuing to be tough. Recently, the CBI and the British Retail Consortium both reported a drop in retail sales and a number of High Street retailers reported difficult trading conditions. Yesterday, health and beauty retailer Boots became the latest company to report a fall in profits – a drop of 11%.
The Bank of England also left interest rates on hold at 4.75% earlier in the month – the ninth month in a row interest remains have remained unchanged.
Commenting on the figures, David Dooks, BBA director of statistics, said: “Consumer credit was noticeably weak, with a rare net monthly repayment of seasonally adjusted credit card borrowing, whilst loans and overdrafts grew only slowly. This apparent change of sentiment towards credit may also be being reflected in personal deposits, which have been relatively strong in the last couple of months, despite ISA inflows being much in line with previous years.”
(KMcA/SP)
The BBA reported a fall in net lending on credit cards of £40 million in April – the first fall in this category since May 1994.
However, there was an increase in loans and overdrafts of £415 million (compared to £346 million in March), although mortgage lending dropped slightly, from £4,561 million to £4,030.
However, the Council of Mortgage Lenders (CML) reported that mortgage lending rose by 2% in April, to £21.5 billion and said that the latest figures remained in line with the broad expectations for the year.
The report follows a series of reports, which indicated that trading on the High Street was continuing to be tough. Recently, the CBI and the British Retail Consortium both reported a drop in retail sales and a number of High Street retailers reported difficult trading conditions. Yesterday, health and beauty retailer Boots became the latest company to report a fall in profits – a drop of 11%.
The Bank of England also left interest rates on hold at 4.75% earlier in the month – the ninth month in a row interest remains have remained unchanged.
Commenting on the figures, David Dooks, BBA director of statistics, said: “Consumer credit was noticeably weak, with a rare net monthly repayment of seasonally adjusted credit card borrowing, whilst loans and overdrafts grew only slowly. This apparent change of sentiment towards credit may also be being reflected in personal deposits, which have been relatively strong in the last couple of months, despite ISA inflows being much in line with previous years.”
(KMcA/SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
20 January 2006
Mortgage lending shows strong growth
Mortgage lending was strong at the end of 2005, according to the latest figures from the Council of Mortgage Lenders. The CML said that an estimated £26.3 billion was lent to borrowers in December, a 25% increase on figures from the same month in 2004.
Mortgage lending shows strong growth
Mortgage lending was strong at the end of 2005, according to the latest figures from the Council of Mortgage Lenders. The CML said that an estimated £26.3 billion was lent to borrowers in December, a 25% increase on figures from the same month in 2004.
19 October 2012
Credit Guarantee Scheme Will Help Struggling Businesses
Speaking following the launch of the Credit Guarantee Scheme by the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, Fine Gael Cork North West Deputy, Áine Collins said the scheme will act as a lifeline to many businesses who cannot access credit.
Credit Guarantee Scheme Will Help Struggling Businesses
Speaking following the launch of the Credit Guarantee Scheme by the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, Fine Gael Cork North West Deputy, Áine Collins said the scheme will act as a lifeline to many businesses who cannot access credit.
01 March 2002
Credit card spending slows as mortgage demand grows
Consumer borrowing slowed in January due to more moderate credit card spending after Christmas. Total lending to individuals, including mortgages, bank loans and credit card spending, grew by £6.9 billion in January, £200 million less than in December. Credit card spending and overdraft borrowing expanded by £1.6 billion, down from £2.
Credit card spending slows as mortgage demand grows
Consumer borrowing slowed in January due to more moderate credit card spending after Christmas. Total lending to individuals, including mortgages, bank loans and credit card spending, grew by £6.9 billion in January, £200 million less than in December. Credit card spending and overdraft borrowing expanded by £1.6 billion, down from £2.
18 October 2001
Mortgage lending drops following previous record month
Mortgage lenders have reported a fall in demand for home loans in September. The Council of Mortgage Lenders (CML) said mortgage lending by banks and building societies fell to £14.3bn last month, from a record £16.
Mortgage lending drops following previous record month
Mortgage lenders have reported a fall in demand for home loans in September. The Council of Mortgage Lenders (CML) said mortgage lending by banks and building societies fell to £14.3bn last month, from a record £16.
16 September 2011
Experian Reports Rich Getting Poorer
Experian has reported a massive 100% increase in the level of borrowing amongst high income families in their 30s and 40s over the past three years, with many citing the rising cost of living as the main cause.
Experian Reports Rich Getting Poorer
Experian has reported a massive 100% increase in the level of borrowing amongst high income families in their 30s and 40s over the past three years, with many citing the rising cost of living as the main cause.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
