/24-7PressRelease/ - LONDON, UK, August 03, 2006 - According to figures released by British Banking Association or BBA, there has been seen a significant trend of debt shifting as debts are moving from personal loans to mortgage. On the other hand, there has been seen a slump in credit card lending.
As per the figures released by British Banking Association (BBA), the Britain has cooperatively moved much of its debt burden from personal loans or unsecured personal loans and credit cards to mortgages. During June, the overall amount which is owed by Britons on personal loans and overdrafts increased by 0.2 billion which is half of the average monthly rise of the previous six months.
However, as compared to increment in May, this moved down by 0.7 billion. If, taken as a whole credit card lending moved down by 0.2 billion.
On the other hand, overall mortgage lending figures stood at 20.5 billion in the month of June, which is the highest figure on record. In May 2005, this figure moved up by 12% and went on to achieve 24% in June.
According to David Dooks from the BBA, "Although gross mortgage lending reached record levels in June, numbers of approvals though stronger than in mid-2005 were weaker than at the equivalent time in either 2003 or 2004," He further added that, "The relatively strong retail sales reported for June do not seem to have been reflected in consumer credit lending which has continued to show the weakness, particularly in credit card borrowing, which has been apparent for most of this year."
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