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Report: Credit card lending rises in September

Credit card lending surged by £0.2 billion in September

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2 November 2011

Report: Credit card lending rises in September”

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Consumer lending rose significantly in September as more Brits turned to their credit cards for financial assistance, according to new research.

The Bank of England has published its latest Trends in Lending report which shows that total lending to UK consumers rose by £1 billion last month.

Credit card lending surged by £0.2 billion in September, while other loans such as overdrafts increased by £0.5 billion during the month.

Overall, unsecured consumer credit lending, which includes credit cards, rose by £0.6 billion in September - a higher monthly rise than the previous six month average increase of £0.5 billion.

"The rise in unsecured consumer credit suggests increased 'stressed borrowing' is occurring with more people having to borrow to help finance their spending," said Howard Archer, economist at IHS Global Insight.

Britons looking to apply for a new credit card could opt for the new Sainsbury's Nectar card which offers loyalty points and zero per cent interest on both balance transfers and purchases.

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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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