Posted: Tue Apr 29, 2008 2:58 pm
I have copy and pasted part of an article on the BBC News website.
"The slowdown in the UK mortgage market continued in March, according to figures from the Bank of England.
It said the number of new mortgages approved for house purchases in March fell to a record low of 64,000, down from 72,000 the previous month.
This was the lowest level since current records began in January 1999, and was down 44% on the figure for the same month in 2007.
However, credit card and other lending increased in March from February."
It is not often that a turn of events in my line of work surprises me, but the last line there has left me flummoxed. In a time where many millions are struggling to some extent or other with rising mortgages, food, petrol, utilities etc and where the banks themselves are having to go to the Bank of England and to rights issues, I can honestly say that I never expected credit card lending to show an increase.
Seems barmy to me.
"The slowdown in the UK mortgage market continued in March, according to figures from the Bank of England.
It said the number of new mortgages approved for house purchases in March fell to a record low of 64,000, down from 72,000 the previous month.
This was the lowest level since current records began in January 1999, and was down 44% on the figure for the same month in 2007.
However, credit card and other lending increased in March from February."
It is not often that a turn of events in my line of work surprises me, but the last line there has left me flummoxed. In a time where many millions are struggling to some extent or other with rising mortgages, food, petrol, utilities etc and where the banks themselves are having to go to the Bank of England and to rights issues, I can honestly say that I never expected credit card lending to show an increase.
Seems barmy to me.