Wednesday, February 21, 2007
Sub-prime lending worries begin to hit UK banks
The UK consumer’s average credit card spending fell on an annual basis for the first time ever last year, according to Euromonitor International. Meanwhile, banking giant Barclays reckons it’s over the worst of its bad debt problems. So are UK consumers finally getting to grips with our borrowing? No, says John Stepek. Credit card debt may be falling, but lenders are still borrowing elsewhere - and that includes sub-prime lending against property.