"Huge September increase in amount owed on credit cards"

pqrdef

Don't know the story, but it's on the front page of the i.

Cameron's response will be interesting.

Graham_Devon

WHy will cameron's response be interesting? Is it his credit card?

Unsecured borrowing rose £629m, suggesting "stressed borrowing" is on the increase with more people having to turn to borrowing to make ends meet.

homelessskilledworker

Graham_Devon wrote: »

WHy will cameron's response be interesting? Is it his credit card?

Unsecured borrowing rose £629m, suggesting "stressed borrowing" is on the increase with more people having to turn to borrowing to make ends meet.

I have been trying to make this point in another thread, people are really struggling, I suspect the credit card has been used to pay mortgages, utility bills etc.

MacMickster

Christmas is coming and the banks are getting fat.

Generali

According to the Bank of England, total unsecured lending is down YoY from about £218,000,000,000 to about £208,000,000,000. Within that credit card lending may be up but apparently that's more than offset by falls elsewhere.

That in nominal terms. In real terms the drop is the best part of 10%!

Kennyboy66

Generali wrote: »

According to the Bank of England, total unsecured lending is down YoY from about £218,000,000,000 to about £208,000,000,000. Within that credit card lending may be up but apparently that's more than offset by falls elsewhere.

That in nominal terms. In real terms the drop is the best part of 10%!

YOY

August 2010 £58.3bn for credit cards
August 2011 £57.0bn for credit cards

Always good to revisit the utterly fanciful OBR forecast for household debt.

http://budgetresponsibility.independent.gov.uk/wordpress/docs/household%20debt%20paper%20formatted.doc1.pdf

I have increasingly thought that the OBR was used the household debt figure as a bit of a balancing item (ie if growth is forecast x % then if all other variables are forecast, stuff the balance in household debt to make x).

Each time they revise their numbers, the forecast for household debt goes up - all the evidence suggests at least so far it won't.

Their fundamental assumption is that households will maintain their standard of living by increasing debt.

I reckon they are wrong - and badly wrong.

This can only mean lower growth.

shortchanged_2

Was there a good deal on air miles in September?

Niksan

I don't know about air miles, but I took advantage of something lloyds CC was doing, and that was letting you do balance transfers from your CC to regular account for the normal 3% BT and 0% for 12 months, not sure if other vendors are doing something similar, but it means I can now have proper heating this winter, but it's the 1st of Nov and it's warm.. sods law.