Credit card borrowing in the first 11 months of 2015 has already overtaken lending in the the whole of 2014, dashing concerns that UK banks are failing to lend to businesses and households.
Fresh figures from the British Bankers' Association (BBA) show UK consumers borrowed £101.3bn on their credit cards in the first 11 months of 2015, up from £90.8bn in the same period of last year and lapping the £101.1bn recorded across the whole of 2015, as Britain’s consumer-driven recovery gathers steam.
Christmas shoppers used credit cards 171.5m times in November, up from 148.3m in the same month of 2014.
Credit card debt has risen by £1.6bn year-on-year to £41.9bn, far outpacing the £564m increase reported in 2014. However, the BBA highlighted that the majority of Britons pay off their credit card bills each month, so the higher debt level is actually down to rising numbers of consumers choosing to pay with plastic, rather than higher personal debt.
Source: Debt splurge: UK households, shoppers and big firms are borrowing more - Telegraph
Debt-fuelled "recovery" gathers steam
Fresh figures from the British Bankers' Association (BBA) show UK consumers borrowed £101.3bn on their credit cards in the first 11 months of 2015, up from £90.8bn in the same period of last year and lapping the £101.1bn recorded across the whole of 2015, as Britain’s consumer-driven recovery gathers steam.
Christmas shoppers used credit cards 171.5m times in November, up from 148.3m in the same month of 2014.
Credit card debt has risen by £1.6bn year-on-year to £41.9bn, far outpacing the £564m increase reported in 2014. However, the BBA highlighted that the majority of Britons pay off their credit card bills each month, so the higher debt level is actually down to rising numbers of consumers choosing to pay with plastic, rather than higher personal debt.
Source: Debt splurge: UK households, shoppers and big firms are borrowing more - Telegraph
Debt-fuelled "recovery" gathers steam
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