Britons love loans
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Money News |
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Britons love loans
Fri 25th Feb 2005
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New figures from the British Bankers' Association found that the increase in loans and overdrafts was well above the monthly average, with £700 million in debt taken out. Credit card lending was also stronger than in December and higher than the average for the last six months at £400 million.
"Stronger consumer credit in January reflected an increased demand for personal loans and overdrafts after December's weak figure in line with the pattern for retail sales in the two months," said David Dooks, the British Bankers' Association director of statistics.
The figures for January come hot on the heels of data showing that the average British adult now has £4004 outstanding on loans, credit cards, and overdrafts.
"One of the major reasons behind this strong performance is the fact that the majority of bad debt indicators, such as unemployment, records of mortgage arrears and repossessions and county court judgments, remain at their historically low levels," said Oksana Selezneva, Datamonitor financial services analyst.
"This has given consumers the confidence to keep on borrowing and the ability to cope with their debt repayments relatively well."
Datamonitor said this week that buying a car was the biggest reason for taking out an unsecured personal loan, with Britons getting themselves £21.4 billion pounds into debt purchasing cars each year.
Consolidating overdraft and credit card debt into a single lower rate loan was also popular in 2004, Datamonitor found. Home improvements were another top reason for unsecured lending.
Related News : Loans |
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