Credit card debt falls in May
According to a new survey done by the British Bankers’ Association, credit card debt had dramatically fallen in May as consumers in UK moved to personal loans and overdrafts for their funds.
London (www.loans-bazaar) June 29, 2006: A new survey revealed that the credit card debt had fallen down in May as consumers had turned to personal loans and overdrafts for their spending.
Borrowing on credit cards were 16 per cent higher than in April at £7.7bn and the repayments had surpassed spending, as a result net lending had fallen by £251m, according to the British Bankers’ Association (BBA).
UK economist at consultancy Global Insight, Mr. Howard Archer said that the strong figures on unsecured loans were just a bug. He added that the consumers spending and borrowings were boosted by sales of television and merchandise related to the World Cup.
The number of individual voluntary arrangements (IVAs) had doubled over the past few years and had fetched a profit of 177 per cent from £1.9m to £5.1m. The benefits would grow in future, according to Debt Free Direct’s chief executive, Andrew Redmond.
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