Net consumer credit – which includes credit cards and personal loans – increased by £1.2bn in March, down from February’s increase of £2.3bn, according to the Bank of England (BoE).

BoE statistics revealed that, although net credit card lending remained on par with February’s increase of £0.4bn, net loans and other advances increased by £0.9bn, less than February’s figures.

The annual growth rate of consumer credit rose by 0.2% between February and March, while the monthly rate of growth fell by 0.5%. Outstanding consumer credit currently stands at £229.5bn.