28 February 2005
New figures from the British Bankers’ Association (BBA) have found that the increase in loans and overdrafts in January was well above the monthly average.
The statistics suggest that consumers borrowed about £700 million last month Credit card lending, at £400 million, was also stronger than in December and higher than the average for the last six months.
“Stronger consumer credit in January reflected an increased demand for personal loans and overdrafts after December’s weak figure in line with the pattern for retail sales in the two months,” said David Dooks, director of statistics at the BBA.
The BBA statistics follow information released by Datamonitor earlier this week figures showing that the average British adult now has £4004
outstanding on loans, credit cards, and overdrafts.