The overall debt held on UK credit cards fell by £251m in May, according to new figures released by the British Bankers Association (BBA).

While the amount of new borrowing rose by 16% compared to April, totalling £7.7bn, the level of repayments was also higher, leading to a net reduction in total credit card debt.

The picture across the whole spectrum of unsecured lending was less clear, however, with personal loans and overdrafts surging upward by nearly £700m, a figure which some analysts are attributing in part to increased consumer spending on televisions, merchandise, and other goods ahead of the football World Cup.

This entry was posted on Tuesday, June 27th, 2006 at 4:59 pm and is filed under General Credit Card News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.