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Increased credit card lending to result in debt concerns?
Friday, July 30th, 2010More people could require debt management help if credit card lending continues to soar, it has been suggested.
Chris Tapp, director of Credit Action, was speaking in response to the latest Bank of England figures, which revealed a rise in such lending of £0.1 billion.
The industry figure warned the increase could be the start of a worrying trend.
He suggested access to credit can be beneficial to many, but warned: "It could be an indication that as people are starting to feel a little bit better about the economy … they are taking more risks again."
It is alarming the degree to which the nation appears to have come to depend on credit to function, Mr Tapp added.
However, the Bank of England figures also showed the annual growth rate of consumer credit dropped by 0.1 percentage points to -0.1 per cent, while the three-month annualised growth rate fell to 0.1 per cent.
By James Francis
