CCR Magazine

You are here  :Home arrow News arrow Consumer credit strengthening as Britons’ confidence soars
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Consumer credit strengthening as Britons’ confidence soars PDF Print E-mail
Tuesday, 22 September 2015

Improving economic conditions combined with record-low interest rates has encouraged banks and consumers to lend and borrow more since the start of 2014. Borrowing has become cheaper in the UK, which is starting to trigger an increase in lending; a situation which has played out so far in 2015 and is expected to improve further over the next four years, finds a new report by Timetric.

Timetric forecasts the stock of consumer credit to grow from GBP168.8 billion to GBP177.5 billion at the end of 2015, and to reach GBP204.6 billion at the end of 2019, with an overall growth of 19.6% and an average annual growth of 3.9% throughout this period.
 
Outstanding credit card balances are also expected to increase during the forecast period as consumer confidence continues to rise. Timetric expects these balances to be at GBP64.2 billion at the end of 2015, and to reach GBP74.0 billion at the end of 2019, recording an average annual rate of 3.9%.
 
“Borrowing is as cheap as it’s ever been and consumer credit is subsequently expected to continue growing throughout 2015. These conditions will not last for an extended period, however, as interest rates look set to rise to at least 0.75% in the middle of 2016, which will enhance the cost of credit. However, improving economic conditions and consumer confidence should ensure that the industry copes with interest rate rises, and continues to grow,” comments Ben Carey-Evans, Analyst at Timetric.
 
“Consumer confidence continues to soar amongst a backdrop of low inflation and increasing wages, meaning consumers are gradually becoming more prepared to take on credit and take on higher-value purchases,” says Carey-Evans.

(Source - Timetric Press Release)
 

 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197