BoE: Consumer credit up in July

The increase in total net lending to individuals was £10.9 billion, with loans secured on homes accounting for £9.8 billion of this.

Even though Britons are still struggling with debt, the figures reveal that the demand for loans and credit is continuing.

Increases in the amount people are borrowing on credit cards could be a symptom of this, with net credit card lending up by £0.2 billion in July compared to June.

Even with an overall fall in the annual growth rate of consumer credit, it is still growing by 7.2 per cent as the public’s demand for loans continues.