Rapid rise in personal borrowing is cooling, says Bank of England
by Richard Partington from on (#30PQ9)
Consumer borrowing through credit cards, overdrafts and personal loans slows slightly amid squeeze on living standards
The rapid growth in borrowing by consumers appears to be slowing amid a squeeze on households, despite remaining at levels unseen since the financial crisis.
The annual rate of growth for consumer borrowing through credit cards, overdrafts and personal loans slowed to 9.8% in July, the lowest rate of expansion since April 2016, according to the Bank of England. The growth rate was a little weaker than in recent months, when the pace of expansion was above 10%.
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