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UK debts move from personal loans to mortgage
London (loans-park) July 31, 2006: Debts in UK has collectively shifted from personal loans and credit cards to mortgages. As shown by British Banking Association figures, the overall debt rise of personal loan and overdrafts in June was half the average monthly rise of the last six months.
In June, the overall amount owed on personal loans and overdrafts rose by £0.2 billion. This figure was reasonably down on the 0.7 billion increase noticed in May. Credit card lending was down by £0.2 billion.
On the other hand, figure of overall mortgage lending in June reached at £20.5 billion. It is the highest recorded figure and 12 per cent higher than May and 24 per cent from the market figure of June 2005.
David Hooks of the BBA told that gross mortgage lending reached record levels in June and number of approvals were stronger than mid-2005 but were weaker than the equivalent time in either 2003 or 2004.
In June, the overall amount owed on personal loans and overdrafts rose by £0.2 billion. This figure was reasonably down on the 0.7 billion increase noticed in May. Credit card lending was down by £0.2 billion.
On the other hand, figure of overall mortgage lending in June reached at £20.5 billion. It is the highest recorded figure and 12 per cent higher than May and 24 per cent from the market figure of June 2005.
David Hooks of the BBA told that gross mortgage lending reached record levels in June and number of approvals were stronger than mid-2005 but were weaker than the equivalent time in either 2003 or 2004.
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