The net amount of money lent to British consumers via credit cards issued by high street banks fell during April, according to the latest figures.
Data released by the British Bankers’ Association (BBA) suggests that people with credit card debt problems are aiming to clear their arrears, with more money being paid back than was borrowed over the course of last month.
However, the annual growth on a seasonally adjusted basis for credit card lending stands at just under five per cent and the BBA’s members are owed around £31.5 billion by their credit card customers.
When it comes to mortgage lending, new loans are being issued at a considerably slower pace than was the case a year ago, which is attributed in part to the existing debt management problems and financial pressures on British households.
Last week, IFAOnline cited LeadPoint research in a report claiming that more and more UK consumers are missing their mortgage repayment deadlines due to increasingly serious money problems.