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Demand for borrowing constrained

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Annual growth in credit card borrowing increased in March, while growth in loans and overdrafts fell slightly, according to figures from the British Bankers’ Association (BBA).

The figures revealed growth in borrowing on credit cards by UK consumers increased to 6.5% during the month of March, while repayments outstripped new spending showing the growth largely reflects interest charging. Annual growth in loans and overdrafts taken out fell slightly in March to 5.2%, from £0.5bn in February to £0.2bn.

David Dooks, statistics director at the BBA, said pressure on personal finances constrained demand in March for personal loans and borrowing on cards.

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