Wednesday, April 2, 2008
Does anyone really find this surprising?
Consumer credit rose to £2.35bn in February, the highest level since October 2002, according to figures released today from the Bank of England. The increase was driven by a £2 billion jump in lending through loans and overdrafts, the biggest increase since the Bank's figures began in April 1993, while outstanding debt on credit cards increased by £350 million. At the same time, the Bank's figures showed that the number of mortgages approved for people buying a home fell by nearly 40 per cent during the past year.