Credit card debt 'up in May'
Credit card debt 'up in May'
- Tuesday, 30 June 2009Consumers' credit management in May was in line with the previous six month average, according to Bank of England figures.
The Bank reports
credit card debt as increasing by £0.2 billion over the course of the month.
With loans and similar debts added into the total, the amount lent during May in terms of consumer credit reached £0.3 billion.
In the short-term, consumers' less stringent credit management has resulted in an acceleration in lending.
On an annualised basis, the three-month growth in consumer credit now stands at 0.9 per cent - a 0.3 percentage point increase.
However, over the past year, the amount added to
credit card debt and loans has fallen to a rate of 2.3 per cent from April's annual growth of 2.8 per cent.
The figures follow the news at the start of June that the Bank of England chose to maintain the base rate of interest at its historically low level of 0.5 per cent.
Recent Debt Management Plan News
56% of Brits have no life insurance which could leave family with debt problems
Wed, 04 May 2011More than half of UK adults currently have no life insurance cover, which could mean their loved ones are left with
debt problems when they die...
Brits thinking about retirement advised to seek debt advice
Tue, 03 May 2011Consumers considering their retirement options have been advised to seek professional advice, as they may end up with
debt problems in the future...
Brits planning to attend a wedding should start saving to avoid debt problems
Thu, 28 Apr 2011Consumers concerned about getting into
credit card debt to pay to attend a wedding may want to use their savings instead...
Couples planning their big day can avoid debt problems by negotiating a cheap wedding
Wed, 27 Apr 2011Couples-to-be worried about needing
debt advice in the future after paying for a wedding can ensure they avoid accruing
debt problems by negotiating a cheap wedding...