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Consumer confidence up as appetite for credit grows


Consumers improving confidence has been reflected in claims made by the British Bankers’ Association (BBA) that consumer borrowing through mortgages, loans and credit cards have increased over the last month.

Borrowing on unsecured credit rose by £76 million in August, which incidentally is the first increase in four years, suggesting that the safety-first approach of consumers in the financial crisis may be coming to an end as consumer confidence grows.

It has further been reported that new spending on credit cards rose to £8.4bn in August in comparison with an average of £7.8bn per month over the previous six months.

The figures also showed that approvals for mortgage applications were at a four-year high in August, which is largely due to a host of government led initiatives aimed to kick-start the housing market. However, housing sales to remain below the pre-boom era of housing, with a little over 8,060 sales made this August compared with a peak of 11,860 in August 2007.

Regardless of pre-recessionary levels not yet being reached, growing consumer confidence is welcome news for the economy as some, including Colin Levins, Chief Executive of finance provider Platform Black believing that the ‘feel good factor’ is back amongst many consumers.
If you’re still a little unsure over your credit spending or any other aspect of your finances, then our expert advisers are on hand to provide free advice within 60 minutes.

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