/24-7PressRelease/ - LONDON, UK, August 09, 2006 - Debts in UK has collectively shifted from unsecured personal loans and credit cards to mortgages. The overall amount owed on personal loan during June was half the average monthly rise of the last six months.
Research from British Banking Association has revealed that debts in UK has taken a sudden collective turn. In the month of June debt of UK citizens shifted from unsecured personal loans and credit cards to mortgage.
During June, the overall amount owed on personal loans and overdrafts rose by 0.2. It was half the average rise seen in the last six months. Debts on personal loan and credit cards were reasonably down on the 0.7 billion rise noticed in May.
On the other hand, mortgage lending in June reached a record high. The 20.5 billion mortgage lending figure was 12 per cent higher than May and 24 per cent that that of June 2005.
Though mortgage lending was record high in June, the number of approvals were weaker than the last few years. It was reported by David Dooks of the British Banking Association.
For additional information on the news, that is the subject of this press release or (for a copy, demo, or sample) contact webmaster or visit http://www.go4ukloans.co.uk
Shakespeare finance Ltd. is leading financial service provider.For more information please visit us: http://www.go4ukloans.co.uk
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