How much credit is in your wallet?

According to research, on average we all have two credit cards, with a credit allowance of almost £7,500.  One in five of us has three or more credit cards, boosting that credit allowance to more than £12,000. 

The figures, from Moneysupermarket, shows that we have a total of £260 billion of available credit to dip into, should we wish to do so. 

However, latest statistics from the Bank of England show that, despite that all that available credit, lending on credit cards fell £147m in July.  Borrowing on credit cards suffered its biggest fall in almost six years as consumers kept a tight rein on their spending.

July's fall in credit card borrowing was accompanied by a drop in loans and other unsecured debts.  This meant that in total consumer credit decreased by £220m throughout the month, the biggest drop since February 2012 and weaker than the previous six-month period, when the rises and falls cancelled themselves out to average at 0% movement.

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