MoneyExpert: Credit Card Balances Decline For Fifth Month
October 31st, 2006 | POSTED BY ROB
The amount lent on credit cards fell in September for the fifth consecutive month, new figures reveal.
According to the British Bankers’ Association (BBA), credit card lending contracted by over £0.2 billion compared to £0.4 billion in August.
Reaching £6,904 million in September, the total amount borrowed by consumers was seven per cent lower than the same month in 2005.
Consequently, the total annualised rate of consumer credit growth is currently “a little under three per cent” - less than half of the total last year.
The figures, which follow those from the Major British Banking Groups last week, have been attributed to “the weakness of retail sales”, according to David Dooks, BBA director of statistics.
As the main trade association for banks in the UK, the BBA aims to provide information and guidance for consumers by protecting and promoting the UK’s global position within the finance industry.
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