Recent figures from the Bank of England (BOE) have revealed that consumers borrowed an additional £1.3 billion in consumer credit in March, of which £800 million was new lending on credit cards, taking total credit card borrowing in the first three months of this year to £2 billion.
The figures show credit card borrowing was up 10.6% in a year, the fastest growth since 2006.
The borrowing figures are a significant leap from the fact that rather than borrowing more, in the same three months last year, a total of £2.7 billion of money was repaid on credit cards.
The NPL market is talking about unsecured consumer loans becoming a new and growing loan type for collections. After these statistics until last March, the high inflation and increasing cost of living is supporting this gloomy forecast.
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