/24-7PressRelease/ - LONDON, UK, March 04, 2007 - Despite a fall in credit card spending, the number of personal loans taken out this January continued at the same rate as in previous months. The figures relating to personal borrowings were issued by the British Bankers' Association (BBA).
The fall in credit card spending is a good sign as far as increasing debt problems are concerned. However, some financial experts say that borrowers have merely shifted their preference toward personal loans.
David Dooks, BBA's Director of Statistics, said: "We can see that the January sales did not encourage borrowing on credit cards. As in the second half of last year, card borrowing is contracting and, with weaker retail sales being reported, this reflects the consumer's current attitude to spending and their commitments."
Another reason could be the changing attitude of the borrowers toward personal loans. Earlier, people used to borrow on important occasions only whereas now-a-days people take out personal loans even for unnecessary and trivial purchasing.
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