29 December 2006
Net lending on credit cards rose by £0.1bn in November, new figures from the British Bankers' Association (BBA) reveal.
Factoring in seasonal adjustment, net lending increased by £66 million in November.
This represents a relative increase in lending compared to a fall of £0.3 billion in October and the average contraction in lending figures by £0.2 billion in recent months.
Nevertheless, the annual rate of total consumer credit growth is considerably lower than at this time last year, standing at slightly over two per cent per annum.
And total new borrowing on credit cards - £7,268 million for November - remains three per cent lower than in November 2005.
The BBA's director of statistics, David Dooks, said: "Monthly spending on credit cards and the value of new personal loans taken out have been generally lower in 2006 than in the previous couple of years, while repayment levels have been maintained, leading to this year's picture of subdued borrowing."
The slight upturn in November borrowing diverges from an overall downward trend, which could reflect the fact that many providers are becoming increasingly stringent on lending criteria.