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"Credit card debt levels increased in April"

By admin | June 25th, 2009 | Credit Cards

Recent figures released by the Bank of England have indicated that the level of credit card debt in April of this year actually increased, despite the fact that consumers are said to be cutting back on spending, trying to reduce debt levels, and finding credit conditions increasingly difficult.

Credit card lending in the UK is said to have increased by £300 million over the course of the month, according to the central bank.

The Bank of England also stated that there were similar increases for the month of April for unsecured lending as a whole, and this included personal loans and other forms of unsecured finance.

The figures show that, despite the recession and the financial crisis, people are still borrowing more on their credit cards than they are repaying on their credit card debt.

The report from the central bank went on to show that there had been an increase in mortgage lending for the month of April compared to the month of March, with approvals for mortgages rising from 40,000 in march to 43,000 in April.

Officials have said that the figures relating to increase credit card debt and increased mortgage approvals show that consumers have become more willing and able to take on increased debt than before.

This has led some officials to predict that the finance markets may be on their way to recovery, although some have said that this could be a long way off.

An official from the Council of Mortgage Lenders stated: “It looks almost inevitable that May [loan] approvals will be higher than a year ago for the first time since early 2007. However, activity remains at extremely low levels on any historic comparison.”

Tags: consumer spending, consumer credit, credit card debt

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