Consumer borrowing fell sharply in December

Latest Bank of England (BoE) data has shown that consumer borrowing dropped sharply in December, suggesting the UK economy probably slipped into recession at the end of last year. Consumer borrowing fell from £2.1bn to £1.2bn, with credit card borrowing experiencing a steep decline. Consumers repaid, on net, £800 million of mortgage debt in December compared…

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Consumer finance new business grew by 2% in November

17th January 2024 Consumer Lending | #consumer credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in November 2023 was 2% higher than in the same month in 2022.  In the eleven months to November 2023, new business was also 2% lower than in the same period in 2022. The credit card and personal loans…

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Consumer credit borrowing increases at fastest rate in five years

5th January 2024 Consumer Lending | #consumer credit

Latest data from the Bank of England shows consumer borrowing rose to £2 billion in November, up from £1.4 billion the month before. This is an increase on the £1.3 billion expected by analysts. The annual growth rate for consumer credit was 8.6% in November, the highest rate since September 2018. Higher borrowing on credit…

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Consumer finance new business holds steady in October

8th December 2023 Consumer Lending | #consumer credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in October 2023 was at a similar level to the same month in 2022.  In the ten months to October 2023, new business was 3% lower than in the same period in 2022. The credit card and personal loans…

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Consumer finance new business falls by 7%

9th October 2023 Consumer Lending | #consumer credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2023 by 7% compared with the same month in 2022. In the first eight months of 2023, new business remained 3% lower than in the same period in 2022. The retail store and online credit sector…

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Consumer credit borrowing increased by £1.3bn in August

2nd October 2023 Consumer Lending | #consumer credit

Latest Bank of England (BoE) data has shown that borrowing of consumer credit by individuals amounted to £1.6 billion in August, up from £1.3 billion in the previous month. Consumer credit growth rose to 7.6 percent in August 2023 with outstanding balances for consumer credit now standing at £217 billion. Net borrowing of mortgage debt by…

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Consumer finance fell by 2% in July

12th September 2023 Consumer Lending | #consumer credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2023 by 2% compared with the same month in 2022. In the seven months to July 2023, new business remained 3% lower than in the same period in 2022. The retail store and online credit sector…

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Mortgage approvals drop by 10%

The number of mortgage approvals made to home buyers fell by nearly 10% between June and July, according to Bank of England figures. The figures showed that net mortgage approvals decreased from 54,600 in June to 49,400 in July, while approvals for remortgaging slightly increased from 39,100 to 39,300 during the same period. Net borrowing…

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Consumer credit hits five-year high

Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…

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Consumer finance fell by 5% in May

New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance’s new business fell in May 2023 by 5% compared with the same month in 2022. In the five months to May 2023, new business was 4% lower than in in the same period in 2022. The retail store and online…

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More consumers are turning to credit to help cover the soaring cost of living

As inflation continues to squeeze finances, savings are being depleted and more are turning to credit to help cover the soaring cost of living — including overdrafts, which have seen a 7.1% growth since August 2021 according to new TotallyMoney research. The analysis estimates that each month 15.5 million adults (30%) are dipping into their…

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Households withdrew record £4.6bn in May

The Bank of England’s Money and Credit statistics for May have shown households withdrew £4.6 billion from banks and building societies across the month – the highest level of household withdrawals on record – suggesting an increase in people turning to savings in order to cope with the cost of living. Individuals repaid £0.1 billion…

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Consumer finance new business fell by 10% in April

New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in April 2023 by 10% compared with the same month in 2022. In the first four months of 2023, new business was 4% lower than in the same period in 2022. The retail store and online credit…

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