Credit card borrowing continues to fall
Published On 27 July 2007
Credit card borrowing fell in June, figures released by the British Bankers' Association (BBA) suggest.BBA data shows that UK consumers spent £6.9 billion on credit cards during the month - four per cent less than in June 2006.
Having taken repayments and seasonal adjustments into account, the BBA calculated that underlying net lending decreased by £73 million over the month.
"Spending on credit cards was lower than at the same time last year, reflecting weaker retail sales but the reducing appetite for unsecured borrowing continues the pattern seen over the last two years," commented David Dooks, BBA director of statistics.
In contrast, new lending on personal loans and overdrafts increased by £117 million in the month.
This meant that this type of borrowing has increased by five per cent when compared to June 2006 figures.
Findings released by charity Credit Action showed that around ten per cent of adults in the UK had recently missed a repayment on a credit card, store card or loan.
