November 2011

Employment Worries Impacting Borrowing

According to the British Bankers Association (BBA), continued economic uncertainty is curtailing consumer borrowing with secured home loan approvals falling in September and credit card and overdraft debt increasing only marginally due to interest accrual. Repayment on overdraft and loan facilities exceeded new consumer borrowing by £212m in the month. 

Statistics director at the BBA, David Dooks, said “Households are limiting their borrowing in the face of unemployment concerns and pressure on household finances amid general economic uncertainty,”