Due to low inflation growth and economy stagnation worries, the whole European continent is experiencing low-interest rates
UK’s credit card lending sets new records. Source: shutterstock.com
According to LearnBonds, credit card lending to individuals in the UK reached £54.16 billion in Q3 2019. This represents growth in the gross lending value on credit cards to individuals in the UK.
The research says that the lending value on credit cards has been growing since Q2 2016. In the last quarter, it increased by just 0.01% compared to Q2 2019.
At the beginning of 2019, the lending value to individuals in the United Kingdom was €53.31 billion, meaning that during the year it has already expanded by 1.5%.
The fact that the European economy has been slowing down along with Brexit uncertainties has also affected the evolution of the UK market.
However, since Q1 of 2014, the loans to individuals in the market have already expanded 38.05% from £39.23 billion to the current £54.16 billion.
From the last quarter of 2014 to the first quarter of 2015, lending to individuals increased by 8.79% from €39.35 billion to €42.81 billion.
The UK’s interest rates remain at 0.75%, close to the minimum values they have ever had.
Due to low inflation growth and economy stagnation worries, the whole European continent is experiencing low-interest rates.
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