Consumer credit races ahead as UK households struggle to cope

Credit card borrowing surges by £1bn as households grapple with rising bills

Card borrowing grows at fastest pace in 17 years, Bank of England reports

Consumer credit races ahead as UK households struggle to cope

People borrowed an extra £1.8bn in June, up from £900m in May, Bank of England figures show

Consumer loans in the UK, +6.5% year-on-year in June, high growth since 1919

[LONDON 29th Reuters] - According to data released by the Bank of England (British Central Bank) on the 29th, consumer loans in June increased 6.5% from the previous year, recording a high growth since May 2019. Consumer loans increased net by 1781 million pounds (2170 million dollars). It exceeded all expectations of Reuters economist surveys. May was a net increase of 903 million pounds. The number of mortgage approvals in June was 63726, a lo…

Increased interest rates impacts consumer spending

The average for a 30-year fixed mortgage rate is 5.5%

How raised interest rates will impact consumers' household budgets

The Federal Reserve raised interest rates once again Wednesday in a battle against inflation, so the cost of borrowing is now more expensive.

U.S. Consumer Spending Increased in June as Inflation Rallied

Purchases of goods and services, adjusted for price changes, increased by 0.1% in June after a revised fall of 0.3% a month earlier