UK Personal Debt Growth Slows in May

June 26, 2017 Share Print 0

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

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.