UK Personal Debt Growth Slows in May

The growth in borrowing on loans, credit cards and overdrafts slowed in May, figures from UK banks have shown, following fears of runaway debt levels.

Personal debt grew at an annual pace of 5.1% in May compared with 6.4% a month earlier, the British Bankers’ Association (BBA) said.

Borrowing through loans and overdrafts has decelerated in particular since the start of the year.

However, individuals are putting little money aside in savings.

BBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.