Increase in Credit Card Debt and Mortgage Approvals Since 2009
According to new reports, there seems some sort of improvement in the credit card debt and mortgage approvals.
UK has been suffering from the economic recession, from the past few years. This recession is being improved with the improvement in the economic scale in UK.
Credit card debt and the mortgage approvals have been increased for the first time in the past four years.
According to the British Banker's Association, credit card debt has been increased to £76m, the previous month.
They said that it is for the first time in the past four years, that the household borrowing on unsecured credit has been increased.
Nearly about 38,228 loans were issued for the purchase of homes, the previous month. Currently, UK has achieved the highest rate of refinancing the homes, as compared with the two years back.
David Dooks, the BBA's statistics director, said that this improvement depicts the increase in confidence among the consumers.
Howard Archer, chief executive economist at the IHS Global Insight, said: "The overall impression is that the consumer appetite for taking on new borrowing is still relatively limited while many consumers remain keen to reduce their debt".
The decrease in the real wages means people are willing to borrow more money in order to have more purchases, said Archer.
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