Loans: consumer credit increased in January

2 March 2010

Lending figures for January from the Bank of England show a net increase in consumer credit.

The increase was made up of a £0.2bn net increase in credit card lending and a £0.3bn increase in `other loans and advances`, which includes unsecured loans.

The `net` lending figures relate to how much money was lent out compared with how much borrowers paid back.

A loans expert for Think Money said: "Other research has suggested that many people are focusing on repaying their debts, so a net increase in consumer credit suggests that lenders are becoming more willing to offer loans and other forms of credit.

"Even so, we would advise people to keep in mind that the economy is still struggling, and it`s important that they only borrow money if they`re certain they can afford the repayments."

Tags: loans, credit, consumer credit, loan, bank of england, repaying debts, economy, net lending figures

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