Consumer Borrowing Falls To £1.4bn Amid Economy Fears

CONSUMERS cut back on borrowing in February from £1.8billion to £1.4billion due to the uncertain economy, experts said yesterday.

- Geoff Ho

According to Bank of England data, a net decline was driven by lower credit card borrowing, which slid from £800million to £500million.

Other forms of consumer lending such as personal loans and car finance also fell – down £100million to £900million.

At the same time, the Bank said the annual growth rate for credit cards and other forms of consumer credit dropped from 11.9% to 7.3%.