Home >>Unsecured borrowing is on slow pace
UK (online-unsecured-loans) February 14, 2009:It has been found that unsecured personal borrowing during 2006 has increased in a slow pace since 1994. Alliance & Leicester's Borrowing Monitor has come out with this fact. As revealed by the agency, lending on credit cards and personal loans has slowed down, even though mortgage borrowing has risen.
Director of Retail Banking at Alliance & Leicester, Chris Rhodes stated: "We have entered 2009 with a reduced desire for borrowing and house buying since last summer." Homeowners with mortgages have reduced their unsecured borrowing by 3% in the last six months of 2006, which equates to £197.
He also added, "Consumers have shown an unprecedented desire to reduce their unsecured borrowing, while their incomes have continued to rise and interest costs on their unsecured borrowings have fallen. He further said, "This will have taken some of the sting out of the latest rise in base rates."
The amount borrowed through personal loans and credit cards by those without mortgages have increased by £98 on average. This figure indicates that borrowing has increased at a slower rate in compared to the past.
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