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Personal loan and mortgage debt falls

Personal loans and mortgage debt is falling as a result of the credit crunch, according to new figures.

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2 September 2009

Personal loan and mortgage debt falls”

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The Bank of England said this morning that Britain's combined personal debt fell in July, despite an increase in credit card lending.

This is the first time personal debt levels have fallen since the central bank began keeping records in 1993.

A drop in net lending of £600 million meant that Britons repaid more than they borrowed.

Experts believe the trend has more to do with the availability than the demand for credit, an assertion supported the positive credit card figures.

Britons are still keen to take on credit card debt, but good deals are harder to come by as a result of the credit crunch.

There are though still low rate credit card deals and balance transfer deals available. Consumers just need to work a bit harder to find them.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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