Borrowing by consumers on credit cards, loans and overdrafts is showing signs of slowing down, according to latest figures.
The data, released today by trade body UK Finance, showed that the amount of money consumers borrowed grew by 1.5% annually in August 2017, compared with 1.9% in July.
This follows warnings in recent months from the Bank of England about high levels of consumer borrowing. The Bank also warned yesterday that lenders could see losses of £30 billion of consumer debts if the economy took a downturn.
Here's how the latest August figures stack up:
- Credit card lending grew by 5% annually, down from a 5.3% increase in July.
- Personal loan and overdraft borrowing shrunk by 1.6%.
- Mortgage borrowing increased by 2.6%.
- Savings deposits grew just 2.2%, the lowest rate since May 2009.
The data covers 21 banks including Barclays, HSBC Group, Lloyds Banking Group, RBS Group and Santander.
What debt help is available?
If you've existing credit card, loan or overdraft debt, you can cut the cost using our Balance Transfers, Money Transfers, Cut Existing Loan Costs and Cut Overdraft Costs guides.
Alternatively, if you're struggling to cope with your debt, our Debt Problems guide has a checklist to help you sort your problems, and where to go to get free one-on-one debt counselling, such as Citizens Advice, CAP, StepChange and National Debtline.
We also have a Debt-Free Wannabe forum board, full of inspiring stories and support, and our Mental Health & Debt guide.