Bank of England issues warning over consumer credit

Consumer credit continues to climb in the latest data release from the Bank of England.

Key numbers include:

• Total outstanding consumer credit (excluding student loans and property related debt) hit £196bn
• The collective credit card balance is £67.3bn
• Consumers borrowed an additional £1.4bn in February alone
• Approvals of loans secured on dwellings fell slightly in February. This was the first decline since August 2016, but at 125,622 they remain above the recent six-month average

The release comes as the Bank of England’s Financial Policy Committee warned that UK household indebtedness remains high by historical standards and has begun to rise relative to incomes.

Read the latest BoE release here