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25 April 2006
New statistics show that while mortgage lending was up in March, unsecured personal lending took a downturn.
While net mortgage lending rose by an underlying £5.4 billion during the month, a higher rise than the £4.9 billion average for the past six months, unsecured personal lending fell by £400 million, compared to an average monthly rise of £500 million over the last half of the year.
Credit card borrowing slowed the most, with a fall of £200 million, while loans and overdrafts fell by £100 million, reveal statistics from the British Bankers' Association (BBA).
"The contrast between stronger mortgage lending and net repayments of unsecured borrowing suggests that individuals are optimistic about the housing market, though careful about card borrowing, overdrafts or taking on personal loans," said BBA director of statistics David Dooks.
"When deposit growth over recent months is also taken into account, the aggregate financial position of the personal sector as a whole does not appear to be under strain."
If you are thinking of taking on a mortgage, credit card or personal loan, first order your credit report to see where you stand financially.
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