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Data shows slight rise in credit card claims

There was a slight annual rise in the number of credit card claims made by consumers during May 2012, figures from the Finance and Leasing Association have revealed.

Data from the organisation showed a one per cent rise in the amount of lending issued by these devices when compared with the same period in 2011.

Furthermore, the number of personal loan claims made in the UK also realised a year-on-year growth of one per cent.

However, the use of in-store instalment credit grew by 28 per cent in May, with stores leasing a total of £248 million to members of the public.

Levels of store credit lending dropped by 16 per cent against May 2011, the data revealed.

"In-store instalment credit is proving increasingly popular with consumers, who are responding to the attractive and flexible offers which are available," Finance and Leasing Association head of consumer finance Fiona Hoyle declared.

Some people may be borrowing money at the moment because it is the only way they can maintain their lifestyle, Informed Choice managing director Martin Bamford recently stated.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801405458-ADNFCR



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