Credit card lending rises
29.09.2008
Credit card lending rose last month, despite some growth rate slowdown, according to latest figures.
The Bank of England's statistics for August showed net credit card lending rose by £0.7 billion, higher than that of July.
Net other loans also increased, by £0.5 billion, but this was below July's rate.
Meanwhile, net consumer credit rose by £1.2 billion, more than that seen in the previous month.
The 12-month growth rate slowed to 6.2 per cent, with the three-month annualised growth level falling by one per cent to 2.6 per cent, according to the study.
Figures released by the Bank showed the number of loans for house purchases, remortgaging and other purposes all fell during August.
Earlier this month, the British Bankers' Association claimed credit card holders are coping with the credit crunch by repaying as much as they spend on their cards.
The firm stated consumer credit increased by £0.4 billion in August.
The Bank of England's statistics for August showed net credit card lending rose by £0.7 billion, higher than that of July.
Net other loans also increased, by £0.5 billion, but this was below July's rate.
Meanwhile, net consumer credit rose by £1.2 billion, more than that seen in the previous month.
The 12-month growth rate slowed to 6.2 per cent, with the three-month annualised growth level falling by one per cent to 2.6 per cent, according to the study.
Figures released by the Bank showed the number of loans for house purchases, remortgaging and other purposes all fell during August.
Earlier this month, the British Bankers' Association claimed credit card holders are coping with the credit crunch by repaying as much as they spend on their cards.
The firm stated consumer credit increased by £0.4 billion in August.