Credit card loans fall in remortgage goldmine
There is business out there for mortgage intermediaries as families move to swap expensive credit card borrowing for a cheaper remortgage.
Latest figures from the British Bankers Association (BBA) show that credit card lending actually fell by £1.8 billion last year, the first decline since 1993. But the BBA said that borrowers were refinancing and paying off credit card debts with remortgages.
And this is confirmed by the latest findings of Alliance & Leicester’s (A&L) borrowing monitor. Mortgage borrowing has continued to grow rapidly, while the appetite for personal loans and credit card debt has diminished.
Latest figures from the British Bankers Association (BBA) show that credit card lending actually fell by £1.8 billion last year, the first decline since 1993. But the BBA said that borrowers were refinancing and paying off credit card debts with remortgages.
And this is confirmed by the latest findings of Alliance & Leicester’s (A&L) borrowing monitor. Mortgage borrowing has continued to grow rapidly, while the appetite for personal loans and credit card debt has diminished.
Read more at: Credit card loans fall in remortgage goldmine
Labels: Credit Card Loans, Mortgage Refinancing
posted by e-borneo.com @ 5:06 PM
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