Home Business NewsBusinessBanking News Credit card lending hits record £54bn in the last quarter

Credit card lending hits record £54bn in the last quarter

by LLB Reporter
30th Dec 19 9:59 am

As reported by the financial news site LearnBonds.com, credit card lending to individuals in the United Kingdom has reached £54.16bn this last third quarter of 2019. Although this is a new record, it represents a 0.018% increase compared to the second quarter of this year.

As reported by LearnBonds.com, the UK economy continues to expand helped by credit card lending as well. At the beginning of 2019, the lending value to individuals in the UK was £53.31bn while during the third quarter, credit card lending reached £54.16bn. This shows that in just two quarters, the whole credit card lending for individuals expanded by 1.594%.

About the effect this has on the economy, the report reads as follows, “It will certainly be important to understand how this will be affecting the UK economy considering credit is an important part of it. The European economy has been slowing down and uncertainty about Brexit has also affected the evolution of the UK market.”

Since the first quarter of 2014, the growth of credit card lending for individuals in the UK has been massive. Indeed, it expanded by 38.05% from £39.23bn. Although this is positive for the whole economy, it will be important to see how industrial and services lending grows in the UK as well.

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