BoE: Credit card spending down

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BoE: Credit card spending down

Consumers are cutting back on credit card spending as the economic downturn continues, new official figures demonstrate.

The Bank of England's data shows that last month's borrowing rate increased by the lowest amount in 14 years.

Unsecured borrowing, such as personal loans, credit cards and overdrafts, grew by £300 million in September.

This is the smallest increase since February 1994.

According to the figures, the monthly increase for the last six months has averaged more than £1 billion.

Outstanding consumer credit rose to £237.6 billion, compared to £1.749 billion in September last year, making it the highest amount since 1993.

The Consumer Credit Counselling Service recently said that people are approaching the credit crunch in the correct way.

Spokesperson Tom Howard said consumers are recognising overspending and cutting back on past unnecessary luxuries.

He noted that while people may increasingly apply for loans to help themselves during the crunch, there is no guarantee of success and borrowers should also be aware their circumstances could change, for example through unemployment.

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