Wednesday, 5 October 2011

How people have been paying off debt

Given David Cameron's non-words about people paying off credit cards etc, here are some stats which show how consumer credit has shrunk.

The headline figure is the Bank of England's number for outstanding consumer credit, up to end of August.

It's the one which includes credit cards, personal loans and overdrafts, not mortgages.

The total was £209bn, a figure which has fallen steadily since it reached a high of £236bn in September, 2008, just before the recession struck.

Within that, outstanding credit card lending stood at £57bn, down from £62bn in January, 2010.

Other credit, including personal loans and overdrafts was at £152bn. It's been flattish this year, after peaking at £180bn in July, 2008.

From Bank of England

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