Lending to individuals rises in March
05/05/2010More people are risking financial problems in the future, as new figures reveal that Britons borrowed £600m more in March than in February.
The figures from the Bank of England show that £300m of this went on people taking on homeowner debt. However, this figure is down on February’s rise of £1.8bn.
Consumer credit also increased by £300m, which represents a 200 per cent increase on the six-month average of £100m.
Credit card lending increased by £200m in March, as more people risked future personal debt on plastic.
This comes after figures from the Yorkshire / Clydesdale Bank showed that there are now more 0 per cent balance transfer credit cards available than there were this time last year.
Kevin Still, director of Atlantic Financial Management, says: "It is important that people seeking new credit look at how they are going to able to repay the debt - affordability is key.
"Re-mortgaging, 0% balance transfers and debt consolidation loans can all be effective ways of reducing monthly costs or to clear more expensive debts, but caution and discipline is required."
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