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Home  »News  »Finance News

Consumers 'not returning' to pre-credit crunch spending

04/02/2010

The amount borrowed in loans, on credit cards and via overdrafts in December outstripped the amount being repaid for the first time since June 2009, new figures from the Bank of England have revealed. According to the Bank's Lending to Individuals report, consumer credit increased by £0.1 billion while mortgage lending increased by £1.2 billion during December. But, Ed Bowsher, head of consumer finance at lovemoney.com, said this is not a sign that people are returning to their pre-credit crunch spending ways. "It is all just part of the general picture that we are seeing in the economy where people are getting a bit more confident but they are still nervous, they still want to save; they don't want to splurge," he said. "People know that there is a good chance that taxes will go up soon and the government will cut expenditure, so confidence may have risen a bit but not a lot," he added. Get a free equity release guide and find out how you can get some additional income. Posted by Carla Spuri

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