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Credit cards are the only exception to increased lending trend in UK

Latest figures on secured and unsecured lending in the UK banking sector have revealed increased borrowing rates across the board with the stand out exception of credit cards.

According to the figures published by the British Bankers’ Association, total lending to the UK private sector showed a net underlying increase of GBP14.2 billion, a 1.2% increase to GBP1,241 billion. This was slightly higher than the previous months underlying rise of GBP13.7 billion though below the average of GBP15.5 billion over the previous six months.

Net mortgage lending rose by an underlying GBP5.7 billion, which is 0.1 billion above the rise in June and exceeded the monthly average of an increase of GBP5.3 billion over the previous six months.

Meanwhile, unsecured personal lending rose by GBP0.3 billion overall in July, bang in line with an average rise over the previous six months. To make up this figure loans and overdrafts lending increased by GBP0.6 billion, while underlying credit card borrowing fell by GBP0.3 billion.