According to the association, the amount of credit and loan debt that Britons took on increased by £0.8 billion in October, compared to £0.3 billion rise in September and a monthly average of a £56 million increase.
David Dooks, BBA director of statistics, said: “October’s loan approvals were boosted by remortgaging, as customers look to fix or reduce their mortgage costs, but this activity, with customers changing their lender, has no significant effect on net lending marketwide.”
Despite the increase in loans, credit card debt decreased by £04. billion during October, compared to the average fall of £0.2 billion.
“Credit card lending continues to contract, with relatively lower spending levels this year, being exceeded by repayments in most months so far,” added Mr Dooks.