Credit card spending falls

British Banker’s Association (BBA) figures show that net loans on credit cards fell by £0.3 billion, which adds to the £0.1 billion fall experienced in June.

Commenting on the figures, David Dooks, BBA director of statistics, said: “Unsecured lending is displaying [a trend], with the growth rate continuing to decline, largely reflecting the ongoing contraction in credit card borrowing.”

Yet despite the slow down in borrowing, figures show that Britons’ debt still tops £1.1 trillion and Mr Dooks hints that this could still grow.

He claims that July is “typically a slow summer month” for loan approvals which means that these signs still do not indicate for certain that Britons are getting better at debt management.