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Credit Card Repayments being met
24 September 2008
Mr Dooks of the British Bankers' Association (BBA) has said that families are repaying as much as they spend on their credit cards. This indicates that people are becoming more cautious around their borrowing during the current financial climate.
Borrowing on overdrafts has fallen slightly and borrowing on unsecured loans remained restrained. The annual growth in credit card borrowing rose to 8.2% in August.
With increasing pressure on peoples finances caused by the higher cost of living, this has led to a pattern of weaker savings in recent months.
