Car finance slowdown as borrowers hit brakes
Industry News | 30/10/18
Consumer borrowing is growing at its slowest pace in more than three years, according to official figures that suggest that the household borrowing binge has run its course.
Bank of England numbers show that growth in consumer credit, which includes credit cards and personal loans, eased to 7.7 per cent in September, the lowest level since June 2015. The decline came as consumer borrowing fell to £800 million last month, from £1.2 billion in August.
A slump in car finance was largely to blame. This, in turn, may have reflected a shift in the timing of car registrations as a result of emissions rules. September is normally a key month for the car industry thanks to a twice-yearly change in licence plate numbers.
Source The Times