Sancho Panza Posted October 31, 2013 Share Posted October 31, 2013 Telegraph 31/10/13 ' British consumers borrowed more money on loans and credit cards in September than at any point this year, raising concerns that the economic upturn in the UK is being fuelled by debt. Revised Bank of England data on Thursday showed that unsecured consumer credit rose by £864m in September. This was the highest monthly level in 2013, and up from an increase of £680m in August. A Bank of England error meant the figure was reported as £411m earlier this week. "This release was reissued on 31 October 2013 due to an error in implementing a change to the reporting population for September 2013," the Bank said in a statement on Thursday. The revised figure also means unsecured lending rose to an annualised rate of 5.8pc in the third quarter, a pace not seen since April 2008. September's corrected consumer credit total was also well above the 2013 average of £572m, and substantially higher than the 2012 level of £160m. Consumers took advantage of record low loan rates, with the net increase on loans and other advances climbing to £713m in September. Net borrowing on credit cards slowed to £151m, representing a five-month low. "It seems that markedly improving consumer confidence means that people have become more prepared to borrow in recent months," said Howard Archer, chief UK economist at IHS Global Insight. Consumer spending accounts for almsot two-thirds of UK gross domestic product (GDP), and Mr Archer said September's rise could also be a cause for concern."It may also be that the squeeze on consumer spending coming from inflation running well above earnings growth for an extended period means that some people are having to borrow more to finance any major spending." Total lending figures were also adjusted, as well as money supply data for households and businesses. However, overall M4 data - which is a broad measure of money supply - remained unchanged. Business lending and mortgage data were also unchanged.' Quote Link to comment Share on other sites More sharing options...
Craig_ Posted October 31, 2013 Share Posted October 31, 2013 No wonder, got some junk mail offering me 30 months at 0% yesterday! People are bound to lap that up. Quote Link to comment Share on other sites More sharing options...
winkie Posted October 31, 2013 Share Posted October 31, 2013 No wonder, got some junk mail offering me 30 months at 0% yesterday! People are bound to lap that up. 30 months and one day and it turns wongo....fee 2%...only available if spotless credit on high salary......in other words anyone who doesn't pay interest for their credit anyway. Quote Link to comment Share on other sites More sharing options...
Errol Posted October 31, 2013 Share Posted October 31, 2013 (edited) Consumer spending accounts for almost two-thirds of UK gross domestic product (GDP), LOL. This country is finished. Edited October 31, 2013 by Errol Quote Link to comment Share on other sites More sharing options...
tomandlu Posted October 31, 2013 Share Posted October 31, 2013 Hard to know what this indicates - are they spending on luxuries or essentials? Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted October 31, 2013 Share Posted October 31, 2013 Hard to know what this indicates - are they spending on luxuries or essentials? I dunno,would you consider an HTB deposit a luxury or an essential? Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted October 31, 2013 Share Posted October 31, 2013 LOL. This country is finished. Nothing wrong with wage-financed consumer spending. Quote Link to comment Share on other sites More sharing options...
cybernoid Posted October 31, 2013 Share Posted October 31, 2013 "Recovery" built on debt? You don't say. Jesus. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted October 31, 2013 Share Posted October 31, 2013 I dunno,would you consider an HTB deposit a luxury or an essential? I consider it something that would get turned into a bunch of asterisks by this site... Quote Link to comment Share on other sites More sharing options...
winkie Posted October 31, 2013 Share Posted October 31, 2013 What I can't understand is why it is always...oh, "It seems that markedly improving consumer confidence means that people have become more prepared to borrow in recent months," ....lets get this right, got more money, feeling good, so go out and borrow and spend more money....why not say, feeling a bit flush so can afford to put some money aside, save and invest some money helping build a greater sense of future financial security........does borrowing and spending make people feel better......easy come easy go. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted October 31, 2013 Share Posted October 31, 2013 Nothing wrong with wage-financed consumer spending. Nothing at all. Shame this is debt-financed then... (not sure if you were being sarcastic or not) Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted October 31, 2013 Share Posted October 31, 2013 I consider it something that would get turned into a bunch of asterisks by this site... joke still passes the censor. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted October 31, 2013 Share Posted October 31, 2013 Hard to know what this indicates - are they spending on luxuries or essentials? Car loans, kitchen loans, bathroom loans, bedroom loans, window loans... http://homeapplianceloans.co.uk/bathroom_finance.html Quote Link to comment Share on other sites More sharing options...
Errol Posted October 31, 2013 Share Posted October 31, 2013 Nothing wrong with wage-financed consumer spending. heh. Quote Link to comment Share on other sites More sharing options...
longtomsilver2 Posted October 31, 2013 Share Posted October 31, 2013 30 months and one day and it turns wongo....fee 2%...only available if spotless credit on high salary......in other words anyone who doesn't pay interest for their credit anyway. Not sure even if the high salary is required. I've just taken outone over 29months 0%. Loading myself up with debt so I can make the most of it. I'll be keeping my money in the bank. Quote Link to comment Share on other sites More sharing options...
Liquid Goldfish Posted October 31, 2013 Share Posted October 31, 2013 Osborne's stated ambition has always been to get household debt up from the £1.3 trillion he inherited to £2 trillion by the end of the Parliament. So how's he doing now on that measure? Quote Link to comment Share on other sites More sharing options...
winkie Posted October 31, 2013 Share Posted October 31, 2013 Not sure even if the high salary is required. I've just taken outone over 29months 0%. Loading myself up with debt so I can make the most of it. I'll be keeping my money in the bank. So what was the fee? if balance transfer.....these cards are all well and dandy but they are not available to everyone, you have to read the T&C and be careful that you set a dairy date to see that you repay in full before the 0% offer date ends, then cut the card up. Quote Link to comment Share on other sites More sharing options...
longtomsilver2 Posted October 31, 2013 Share Posted October 31, 2013 So what was the fee? if balance transfer.....these cards are all well and dandy but they are not available to everyone, you have to read the T&C and be careful that you set a dairy date to see that you repay in full before the 0% offer date ends, then cut the card up. Fee 3.49% of which 1% will be returned (not read the specifics on that). I've never not paid a balance on-time or in full so it's somewhat alien to me. My old credit card provider wacked the apr up on my card from sub 20% to +30% so my move is a protest silly really as I never paid interest anyway. So easy to set-up online too. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted October 31, 2013 Share Posted October 31, 2013 Used to have an interest rate of 12% with egg card, then they upped it to 19.9% and sold it to Barclay's. Quote Link to comment Share on other sites More sharing options...
workingpoor Posted October 31, 2013 Share Posted October 31, 2013 This is a good thing is it not? i think it shows the level of financial strain and I wouldn't mind betting those credit cards were used mainly to pay debts or bills, it's a clear sign of financial trouble. Quote Link to comment Share on other sites More sharing options...
rollover Posted April 29, 2016 Share Posted April 29, 2016 Credit card borrowing surges to 11-year high in MarchDebt charities to express concern as the amount of new unsecured lending to UK consumers reaches highest level 2005. The amount UK consumers owe on loans and credit cards grew by £1.9bn in March, the highest figure in 11 years driven by a sharp rise in spending on plastic. Bank of England figures show outstanding borrowing on credit cards increased by £635m over the month, compared with an average increase of £400m over the previous six months. The figure is the highest since March 2005, and more than three times the increase recorded the previous month. Borrowing through personal loans and overdrafts rose by £1.2bn over the same period, up from an average of £1bn. The annual rate of growth rose to 9.7% during the month, while comparing the last three months with the same period of 2015 shows unsecured borrowing has grown by 11.6%. Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted April 29, 2016 Share Posted April 29, 2016 Recovery? There is no recovery - despite all this credit retail sales are down! Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted April 29, 2016 Share Posted April 29, 2016 A debt fuelled collapse... if this is how well we do with debt pouring in, just think! http://uk.reuters.com/article/uk-britain-retail-cbi-idUKKCN0XO104 Quote Link to comment Share on other sites More sharing options...
shindigger Posted April 29, 2016 Share Posted April 29, 2016 Food heat light shelter. Not iphones. Quote Link to comment Share on other sites More sharing options...
Up the spout Posted April 29, 2016 Share Posted April 29, 2016 You need a licence to buy a dog, or drive a car, catch a fish, sell booze, ride a motorbike, canoe on a river or canal, play recorded music or music videos in public, for selling hot food and drink late at night, or selling food on the street, and fell some types of tree. But they'll let any Tom, Dick or Harriet get a credit card or squeeze out a few mini yous. Careless doesn't sum it up. Quote Link to comment Share on other sites More sharing options...
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