Banks heed Mark Carney's warning to crack down on credit card lending
UK banks reined in unsecured lending in the third quarter and are expected to tighten availability further in the future, the Bank of England's Credit Conditions Survey just released has shown.
Default rates on credit cards and other unsecured lending are on the rise but banks heeded Mark Carney's warning on ballooning consumer credit with unsecured lending availability falling at its fastest pace since 2009 as banks tighten up credit scoring criteria.
The Bank of England warned a few weeks ago that British high street banks could lose as much as £30bn from defaults on credit cards and personal loans credit as the £200bn consumer debt pile grows at an alarming pace.
The central bank's Financial Policy Committee warned that ballooning consumer credit is a "pocket of risk" but acknowledged that the quality of consumer credit has improved.
Banks heed Mark Carney's warning to crack down on credit card lending
No more balance transfers for MF
UK banks reined in unsecured lending in the third quarter and are expected to tighten availability further in the future, the Bank of England's Credit Conditions Survey just released has shown.
Default rates on credit cards and other unsecured lending are on the rise but banks heeded Mark Carney's warning on ballooning consumer credit with unsecured lending availability falling at its fastest pace since 2009 as banks tighten up credit scoring criteria.
The Bank of England warned a few weeks ago that British high street banks could lose as much as £30bn from defaults on credit cards and personal loans credit as the £200bn consumer debt pile grows at an alarming pace.
The central bank's Financial Policy Committee warned that ballooning consumer credit is a "pocket of risk" but acknowledged that the quality of consumer credit has improved.
Banks heed Mark Carney's warning to crack down on credit card lending
No more balance transfers for MF
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