25 July 2008
The rising cost of living prompted more people to reign in the amount they borrow on personal loans and other forms of unsecured credit last month, new figures show. According to data from the British Bankers Association (BBA), borrowing on personal loans, credit cards and overdrafts increased by £0.3 billion in June compared to £0.4 billion in the previous month. David Dooks, Statistics Director at the BBA, said personal loan borrowing was "comparatively weak" and was a reflection of the current pressure being placed on household finances. Angela Knight, the BBA's Chief Executive, said: "These numbers show that people are seeking to reduce their debts and save more but are being squeezed by higher food and fuel costs and the increased cost of borrowing." This week, a member of the Bank of England's monetary policy committee called for an urgent cut in borrowing rates to ease the pressure on consumers and provide a boost to the economy.
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