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'Credit card lending increased in August'

Credit card lending to individuals increased by a net of £0.2 billion last month, it has been reported.

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30 September 2009

'Credit card lending increased in August' ”

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According to new statistics for August released by the Bank of England, other loans and advances fell during the same period by £0.5 billion.

Meanwhile, consumer credit, which includes credit card spending, fell by a net of £0.3 billion, marking a 0.7% fall in the annual growth rate.

The figures also showed there was good news for homeowners last month, as the number of loan approvals for house purchases remained at the same level as the previous month and were above the previous six-month average.

During the same period, remortgaging approvals fell from the previous month.

Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, commented on the figures to the Daily Telegraph: "Although net lending is still way down on pre credit crunch levels, it is reassuring that the negative reading recorded in July proved to be a one-off."

Written by Alex Adams

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