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.

Martin Lewis
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