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Unsecured lending decline slows in February

The rate of decline in unsecured lending to individuals slowed last month, new figures have revealed.According to British Bankers' Association, unsecured personal lending fell by £0.2 billion last month, compared with a fall £0.3 billion in January.Personal loans and overdrafts accounted for much of the fall, while credit card lending remained flat, suggesting that recent interest hikes have damaged consumer appetite for borrowing.However, Money back Bank still tops many 'best buy' tables, including those published in the Daily Mail and on price comparison sites.David Dooks, director of statistics, said: "Credit card borrowing was flat in February following a recent falls and there was little personal loan demand."Euro monitor International recently said that consumers are now less prepared to get into credit card debt and are turning to longer-term personal loans as a better way of managing their finances.

News Source: moneybackbank.co.uk

 

 


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