The latest figures from UK Finance show that the £11 billion of credit card spending in October 2019 was 2.3 percent lower than in September 2018, with repayments remaining in line with credit card spending, demonstrating that consumers are managing their finances effectively overall.
Repayments remained in line with credit card spending, showing that consumers are managing their finances responsibly and choosing to use credit cards as a preferred method of payment. The level of credit card borrowing grew by 3.1 percent in the year to October 2019.
Personal borrowing through loans in October 2019 was 7.4 percent higher than in the same month a year earlier. Borrowing on overdrafts has been declining over recent years and October’s level was 1.2 percent higher than at the same time a year earlier.
UK mortgage lending fell in October, with gross mortgage lending across the residential market in October 2019, at £25.5 billion, 0.9 percent lower than in the same month in 2018.
Mortgages approvals by the main high street banks for home purchases in October were 3.0 percent higher, remortgage approvals were 12.7 percent up, while approvals for other secured borrowing were 2.1 percent lower compared to October 2018.