September credit consumption increases
Just when we thought that interest rates were finally slowing the rate of consumer credit acquisition, September’s figures quashed it.
According to a new set of industry statistics, the total volume of net credit rose again in September, with the number of new loan applications increasing by around £100 million. The BOE has stated that the rise had roughly cohered to previous months, although the total increase for the annum was up by around ½ of a percent.
As an accumulative total, consumer credit in the UK has rose to around ¼ of a trillion, however, combined with all active secured and home loan agreements this figure now exceeds the 1.5 trillion mark.
Commenting on the figures, a representative from one of the UK’s largest consumer credit analytical institutions suggested that a series of rises in the national rate of interest, would appear to have had little effect on the rate of consumer credit consumption. Unsecured credit in particular is still growing, with the number of new credit card applications and personal loan products markedly up on the same period this time last year.
