Britons ‘attempting credit debt management’
Britons are increasingly attempting credit debt management in order to get their finances back on track, new figures suggest.
The Bank of England recently published statistics which show credit card lending dropped during May 2007.
Some £200 million less was lent to individuals over the course of the month, compared with a £100 million increase in April.
However, lending overall was seen to rise by £800 million, more than the corresponding figure for the preceding month.
The bank explains: “Consumer credit is defined as borrowing by UK individuals to finance current expenditure on goods and services.
“Consumer credit is split into two components - credit card lending and other lending, mainly overdrafts and other loans.”
The Finance and Leasing Association recently stated that it is “natural to tighten your belt” by limiting credit card spending.
Those wishing to do so could be well advised to seek advice on credit debt management.
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