Wednesday, 30 August 2017

Personal borrowing slowed down in July, says Bank of England

The growth of borrowing on credit cards, bank loans and car purchase deals has eased off, according to figures from the Bank of England.

The Bank has said several times this year that it is worried about the rapid growth of so-called consumer credit.

Its latest figures show that this sort of borrowing rose in July at an annual rate of 9.8%.

But this was lower than in June, and the slowest growth rate since April last year.

The rapid increase in consumer borrowing in the past couple of years has alarmed the authorities because it has been rising so much faster than wages and salaries.

BBC       News.

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