Credit card lending rose in May, says Bank of England
Credit card lending increased by £0.2 billion in May, according to new statistics from the Bank of England.
Credit card lending rose in May, says Bank of England”
The data showed that other loans and advances also increased, by a net £0.1 billion.
However, the annual growth rate of consumer credit, which consists of credit card lending and other loans and advances, continued to fall to 2.3%.
Other loans and advances include loans through the Student Loans Company.
Meanwhile, the number of loans approved for house purchases was more than the previous month and higher than the previous six-month average. Approvals for remortgaging, on the other hand, were lower than for April and for the previous six-month average.
The Bank of England's current base interest rate is 0.5% and it up for review on July 9th.
Written by Sam Dawson ©
