UK Consumer Borrowing
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Total DebtIn statistics released on the 29th of July 2004, the Bank of England confirmed UK consumer debt is now over £1 trillion.Of that around £827 billion is secured on dwellings, meaning mortgages, re-mortgages, and secured loans, and £177 billion is normal consumer credit. Of the secured debt, the Banks have lent the largest amount, standing at £534 billion, with Building Societies lending £151 billion, and other lenders providing the balance of around £142 billion. Monthly ChangesSecured lending grew by £9.2 billion or 1.1% in June (seasonally adjusted) which is £0.2 billion less than the increase in May. Whilst the three month (annualised) growth rate fell to 14.8% from 15.0% (14.5%) in May.Consumer credit grew by £2.1 billion or 1.2% in June (seasonally adjusted) which is £0.5 billion more than the increase in May. Whilst the three month (annualised) growth rate rose to 11.8% from 11.3% (11.2%) in May. Perhaps the raise in base rates is slowing the property market, with fewer people appling for new secured loans, although the current deals on credit cards as still fuelling the demand for consumer credit. For more information: |
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uk consumer borrowing