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No Rainy Day in UK – British Credit Cardholders on a Bit-of-a-Binge

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U.K. consumer credit growth remained strong again in April, despite the swirling Brexit uncertainty, and after rising in February to its highest annual growth rate of the past twelve months. Credit card debt in the U.K. is up nearly 10% this year, and about three times the current growth rate (3.5%) in the U.S., according to CardData

In April total consumer credit grew to £198.4 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 10.2% and 10.3% respectively. The Bank of England (BOE) reports consumer credit increased by £1.0 billion in April, inline with the average over the previous six months.

Within consumer credit, credit card lending increased by £0.5 billion in April, compared to an average of £0.5 billion over the prior six months. Other loans and advances increased by £1.0 billion, compared to the average of £1.0 billion over the previous six months.

According to new and revised BOE data credit card lending settled at £68.1 billion for a 9.7% YOY gain in April.

CREDIT CARD LOANS

(seasonally adjusted)

Apr 2016: £64.5 billion +7.1%
May 2016: £64.8 billion +7.5%
Jun 2016: £65.1 billion +8.1%
Jul 2016: £65.5 billion +8.1%
Aug 2016: £65.7 billion +8.1%
Sept 2016: £65.8 billion +8.4%
Oct 2016: £66.2 billion +9.0%
Nov 2016: £66.6 billion +9.1%
Dec 2016: £66.6 billion +8.7%
Jan 2017: £67.0 billion +8.6%
Feb 2017: £67.3 billion +9.3%
Mar 2017: £67.7 billion +8.9%
Apr 2017: £68.1 billion +9.7%

OTHER LOANS/ADVANCES

(seasonally adjusted)

Apr 2016:  £118.9 billion  +11.1%
May 2016:  £119.7 billion  +11.4%
Jun 2016:  £120.8 billion  +11.5%
Jul 2016:  £121.2 billion  +11.3%
Aug 2016:  £122.4 billion  +11.7%
Sept 2016: £123.4 billion  +11.5%
Oct 2016: £124.2 billion  +11.5%
Nov 2016: £125.8 billion  +11.8%
Dec 2016: £126.4 billion  +11.6%
Jan 2017: £127.4 billion  +11.6%
Feb 2017: £128.7 billion  +11.1%
Mar 2017: £129.7 billion  +10.9%
Apr 2017: £130.3 billion +10.7%

TOTAL CONSUMER CREDIT
(seasonally adjusted)

Apr 2016:   £183.4 billion +9.7%
May 2016:   £184.5 billion +10.0%
Jun 2016:   £186.0 billion +10.3%
Jul 2016:   £186.7 billion +10.1%
Aug 2016:   £188.1 billion +10.4%
Sept 2016: £189.2 billion +10.4%
Oct 2016: £190.4 billion +10.6%
Nov 2016: £192.4 billion +10.8%
Dec 2016: £193.0 billion +10.6%
Jan 2017: £194.4 billion +10.5%
Feb 2017: £196.1 billion +10.5%
Mar 2017: £197.3 billion +10.2%
Apr 2017: £198.4 billion +10.3%

Source: Bank of England; CardData

New and Revised figures as of 7/5/17

Note: Lending to individuals is split between lending secured on dwellings (mortgages) and consumer credit. Consumer credit is further split between credit card debt and other loans and advances. Student loans are excluded.

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