Credit card lending increase ‘up by £300m in November’

The total increase in credit card debt accumulated by UK consumers during November of last year was £300 million more than the same figure for the previous month, it has been revealed.

December tends to be a particularly busy month for credit card firms, but borrowing via plastic was up considerably on October’s figures, according to the latest data from the Bank of England.

Meanwhile, the increase in overall consumer borrowing nationwide was £1.1 billion greater in November 2007 than was the case in the previous month.

However, the bank reports that the overall number of loans for house purchases around the country was down in November on the same comparative basis.

Accountancy firm Grant Thornton recently predicted that more than 110,000 British consumers will enter insolvency by way of a debt solution over the course of this year.