Consumer Borrowing

Data produced by the Bank of England shows that consumer borrowing soared to more than £1 billion in July, the highest figure since March of this year and a large increase on the figure for June.

Consumers borrowed £1.1 billion on credit cards and unsecured loans during July, compared to £655 million on the previous month.

Borrowing on credit cards alone more than doubled during the period.

This is a concern to the economy as a combination of a slowing in manufacturing plus a rise in consumer credit together with the threat of an increase in the interest rate suggests that the UK expansion rate is in danger of losing it’s balance.

Should you have personal or corporate cash flow problems telephone 01257 452021 to speak to one of our friendly advisors to seek a solution to your problem.