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02 October 2006
The latest statistics from the British Banker's Association (BBA) show that mortgage lending is still on the rise, but new credit card borrowing is now falling.
Last week the BBA said mortgages had reached record levels of borrowing in August, with more statistics this week giving further detail.
The new figures show home loans up nine per cent on July and 24 per cent higher than August 2005.
In contrast, credit card borrowing is now on the decline, according to the figures.
Total net borrowing on cards was £7.2 million in August, down 11 per cent on the same time last year.
Recent figures from Moneyfacts showed that credit card interest rates had risen by as much as 12.1 per cent in the last three months.
Total UK debt was £1.2 trillion, according to figures published today by analysts Datamonitor.
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