Spending continues but fewer loans approved - BoE

However, a fall in loans approved against property suggests consumers may finally be reining in their debts. Total lending to individuals still rose around 1% in February, says the BoE while the annualized three-month growth rate gained 13.9% and the 12-month borrowing rate rose to 14.1%. That said, there was a slight reduction in the amount of money spent on credit cards in February, as the £1.7bn of borrowed credit was actually £300m lower than the rise in January. Secured lending figures suggest the number of house purchases may finally be slowing and consumers may now be reinin...