(PRWEB) August 3, 2006 -- Britons are relying more on mortgages than credit cards lending. Besides that, demand for unsecured loans has also gone down. These developments clearly show that Britons are looking forward to obtain less expensive loans to fulfil their needs.
“ Consumers are keen to find less expensive ways of financing their spending. ”
According to the British Banker’s Association (BBA), there has been seen a drop down in credit card debts. On the other hand, mortgage lending has been consistently increasing.
As per the figures, there has been recorded a slump of £245 million on outstanding debts of credit cards. While, on the other hand, mortgage lending went on to hit the record high of £20.5 billion. At the same time, slump has also seen in personal loans mainly on-unsecured personal loans and overdraft demand.
Howard Archer, chief UK economist at the Global Insight consultancy said that, "Consumers are keen to find less expensive ways of financing their spending." He further added that, "Record high debt levels, rising unemployment and increasing pension concerns means that there is an increased need for many consumers to try and improve their finances."
Earlier this month, the Council of Mortgage Lenders also issued their figures, which showed that the non-conforming mortgage has been growing almost six times faster as compared to the mainstream mortgage market.
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