Credit card spending in June shows slow down
Credit card lending hardly increased in June according to the Bank of England. It will be the first time that the monthly figure has moved since 1994. Spending rose by only £43 million in June to £212billion compared with a rise of £200 million in May. The rate of growth of all consumer credit, both secured and unsecured, continued to fall to 7.3% from 7.9%.
The Consumer Credit Counselling Service, a debt counselling charity found that calls to its hotlines rose 21% last year.
HSBC, Europes largest bank was the first of the 'Big Five' to report profits yesterday. It said that bad debts - where the customers cannot repay - had risen 19% from the same period last year. The Bank of England figures also showed that mortgage approvals reached their highest level in five months in June up 3,000 to 12,000 form May, reflecting the strength of the housing market. | 
