Fall in UK credit card debt
The latest figures from the BBA show that the UK's appetite for credit card debt may finally be slowing down, with repayments in April £251m higher than the new spending of £7.7bn, meaning an effective reduction in overall debt.
The fall in card debt was however offset by rapid growth in other forms of unsecured debt including personal loans and overdrafts, which rose by nearly £700m during the month.
Financial commentators continue to warn that many UK consumers are failing to come to terms with a severe debt problem, with over 1m people overstretched and struggling with their repayments, even to the extent of facing bankruptcy.
The fall in card debt was however offset by rapid growth in other forms of unsecured debt including personal loans and overdrafts, which rose by nearly £700m during the month.
Financial commentators continue to warn that many UK consumers are failing to come to terms with a severe debt problem, with over 1m people overstretched and struggling with their repayments, even to the extent of facing bankruptcy.
Fall in UK credit card debt posted by Nicholas Hunt at 6:52 AM
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