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"Nine month low for UK credit card borrowing"

By admin | November 18th, 2009 | Credit Cards

Recently released figures have shown that in September the amount of money that Brits borrowed on their credit cards fell to its lowest level in nine months, with many continuing to aim to pay off debts rather than accrue further debt in the ongoing difficult financial climate.

Only £79 million was borrowed on credit cards for the month, whereas debts of £262 million were paid off for the month.

September also saw improvement in the number of mortgages that were approved for Brits, with 56,215 approvals in September compared to 52,970 for the previous month.

It is thought that this was indicative of a greater number of buyers being drawn back into the property market, with some of the main attractions being rock bottom interest rates and the extension of the stamp duty exemption on properties up to £175,000.

The data was released by the Bank of England, and like a number of other recently released reports have shown positive data in terms of credit card debt, debt repayment, and mortgage approval levels.

However, another recent report has shown that economic output in the UK has shrunk again for the third quarter, which means that the UK is still officially in recession, even though many had been expecting the figures to show that the UK had pulled itself out of recession like many other countries, including the United States.

Following its latest Monetary Policy Committee meeting the Bank of England has announced that the base interest rate will remain at the all time low of 0.5 percent for the eighth month in a row, and that the quantitative easing scheme will be extended by a further £25 billion in the hope that these measures will further help to revive the economy.

Tags: credit card borrowing, credit card use

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