Consumer credit borrowing rises

Consumer credit borrowing rose to £1.4 billion, higher than the average gain of £1.2 billion over the previous six months according to latest Bank of England data.

Consumer credit borrowing by individuals was down from £1.7 billion in the previous month. Within this, net borrowing through credit cards decreased to £0.8 billion from £1.1 billion.

Richard Pinch, Senior Director, Risk, at Broadstone said “Consumers tightened their belts in February as decreases in credit card borrowing drove the overall drop in consumer credit volumes. Household budgets remain constrained, and the outlook has dimmed with a series of bill increases set to kick in from tomorrow onwards which will further exacerbate cost pressures.”