Consumer credit lending at three-year high
Posted on in Cycles News , Outdoor News
New statistics from The Money Charity reveal consumer credit lending is at its highest in nearly three years.
Earlier in the year, it was reported that consumer credit lending was set to rise to a record £164billion, and this target looks realistic, with consumer credit lending at the end of August 2014 reported at £162.6bn.
In August, the average consumer credit lending was £6,155 per household; this is up £161.66 per household on the same month last year, according to the charity's new report.
This new figure represents the highest consumer credit lending since November 2011 and has increased every month for the past nine months.
Based on figures from the Bank of England, The Money Charity's calculations also show that total lending per household, including mortgages, has increased by £996 over the year.
Michelle Highman, chief executive of The Money Charity comments: "An increase in consumer lending could be a positive sign that people are feeling more confident about their job, the economy, and their ability to access and use credit wisely."
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