BBA: Loans up
The amount spent on loans in January rose by £21.9 billion on December's figures, the strongest monthly rise for over nine months, the British Bankers' Association has announced.
This figure was a 1.7 per cent increase on the previous month, bringing the total amount of lending up to £1,290 billion.
Yet while unsecured personal loan levels went unchanged in January, loans and overdrafts rose by £0.5 billion and credit card borrowing fell by £0.5 billion.
Commenting on the figures, David Dooks, the BBA's director of statistics, said: "We can see that the January sales did not encourage borrowing on credit cards. As in the second half of last year, card borrowing is contracting and, with weaker retail sales being reported, this reflects the consumer's current attitude to spending and their commitments.
"Mortgage lending continued to be buoyant, as we expected following the high volumes of approvals in the final quarter of last year."
© Adfero Ltd
This figure was a 1.7 per cent increase on the previous month, bringing the total amount of lending up to £1,290 billion.
Yet while unsecured personal loan levels went unchanged in January, loans and overdrafts rose by £0.5 billion and credit card borrowing fell by £0.5 billion.
Commenting on the figures, David Dooks, the BBA's director of statistics, said: "We can see that the January sales did not encourage borrowing on credit cards. As in the second half of last year, card borrowing is contracting and, with weaker retail sales being reported, this reflects the consumer's current attitude to spending and their commitments.
"Mortgage lending continued to be buoyant, as we expected following the high volumes of approvals in the final quarter of last year."
© Adfero Ltd
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