The Bank of England has published its statistics on money and credit for September 2015. The statistics show that total lending to individuals has increased by £4.9 billion this September compared to the average monthly increase of £3.9 billion over the previous six months.
Consumer credit has increased by a rate of 8.2% over the past 12 months equating to an increase of £1.3billion, with the run up to Christmas, this is expected to continue to increase. Data showed £176.3 billion outstanding on consumer credit last month, with £62.7 billion of this on credit cards and £113.5 billion on loans and other advances. In summary, the statistics show that consumers are more willing to take on debt to fund spending and that the number of loan approvals and successful re-mortgage applications has increased.