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Consumer credit increases by £1bn

Consumer credit increases by £1bn

The Bank of England has revealed that total lending to individuals is steadily rising, with latest figures showing a £3.1bn increase in May.

The increase surpasses the average monthly increase of £2.8bn over the previous six months, while the 3-month annualised and 12-month growth rates were 2.6% and 2.4% respectively.

Consumer credit increased by £1bn in May which was in line with the monthly average over the past six months and the 3-month annualised and 12-month growth rates were 8.5% and 7.2% respectively.

Danny Waters, Chief Executive Officer of Enterprise Finance, said peoples’ increased confidence in their future was translating into a renewed appetite for borrowing.

“While the economic forecast looked uncertain some spending was postponed – now the picture has become clearer, people are forging ahead with their spending plans,” said Danny.

“We are experiencing strong demand for secured loans as homeowners look to free up funds for a variety of projects, be it home improvements or big ticket purchases, they now feel less conscious about purchasing than they might have done as we exited the recession.

“Our Secured Loan Index reported demand for secured loans hitting a 5-year high in March and there has been no let-up in consumer appetite since.”


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