Credit card borrowing drops
Credit card borrowing fell by 3% and the number of cards in circulation dropped by 8% over the last year, according to PricewaterhouseCoopers (PwC).
Unsecured and secured lending also fell, by nearly 40% and 80% respectively, this is as a result of lenders being more selective and individuals tightening their belt.
As and when we do come out of the recession, individuals looking to take more debt on may be surprised that their long-term friend the bank manager may not give them as much as they used to borrow and at a far higher rate.
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