credit card debt down
There was a surge in mortgage approvals for house purchases in September, reaching the highest figure for 18 months and once again surprising the financial ‘experts.’
The number of mortgages approved for September was 56,215, rising from 52,970 in the previous months and well above economists estimates of 54,000.
While consumer confidence in house purchases currently increases month to month, unsecured borrowing has fallen dramatically, recording a downward trend over the last three months.
In fact consumers repaid £262million of their loans in September, following a figure of £373million being paid off of unsecured loans and the like in August. Consumers are also holding back on credit card debt, borrowing a net £79million on their cards, the lowest since December last year.
It could of course mean that the general public are preparing themselves and their finances for the Christmas period by paying of their current debts early.
2 comments so far
1 Wireworks // Nov 3, 2009 at 4:24 am
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2 Steph // Nov 3, 2009 at 3:59 pm
It is quite difficult to ignore the recession and where possible if equity is still sufficient people will try to aborb unsecured debt and lower monthly repayment with interest rates being so low. The other option is debt management.