As of late October 2024, most of the outstanding consumer lending in the United Kingdom (UK) were overdrafts, as well as loans and advances other than credit cards. Consumer credit peaked in February 2020, but dropped sharply two months later before slowly starting to recover again. The category other, which includes overdrafts and other loans and advances made up most of the outstanding credit. Meanwhile, credit cards amounted to approximately a third of the outstanding consumer loans. Nevertheless, credit cards made up most of the new monthly consumer lending in the UK. A likely reason for this discrepancy is that credit card debt tends to be paid in a shorter term than other types of credit.
Outstanding consumer credit excluding student loans in the United Kingdom (UK) from January 2006 to October 2024, by type of credit
(in billion GBP)
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Bank of England. (December 15, 2024). Outstanding consumer credit excluding student loans in the United Kingdom (UK) from January 2006 to October 2024, by type of credit (in billion GBP) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/311430/monthly-outstanding-consumer-credit-amounts-in-the-uk-by-type/
Bank of England. "Outstanding consumer credit excluding student loans in the United Kingdom (UK) from January 2006 to October 2024, by type of credit (in billion GBP)." Chart. December 15, 2024. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/311430/monthly-outstanding-consumer-credit-amounts-in-the-uk-by-type/
Bank of England. (2024). Outstanding consumer credit excluding student loans in the United Kingdom (UK) from January 2006 to October 2024, by type of credit (in billion GBP). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/311430/monthly-outstanding-consumer-credit-amounts-in-the-uk-by-type/
Bank of England. "Outstanding Consumer Credit excluding Student Loans in The United Kingdom (Uk) from January 2006 to October 2024, by Type of Credit (in Billion Gbp)." Statista, Statista Inc., 15 Dec 2024, https://www.statista.com/statistics/311430/monthly-outstanding-consumer-credit-amounts-in-the-uk-by-type/
Bank of England, Outstanding consumer credit excluding student loans in the United Kingdom (UK) from January 2006 to October 2024, by type of credit (in billion GBP) Statista, https://www.statista.com/statistics/311430/monthly-outstanding-consumer-credit-amounts-in-the-uk-by-type/ (last visited December 22, 2024)
Outstanding consumer credit excluding student loans in the United Kingdom (UK) from January 2006 to October 2024, by type of credit (in billion GBP) [Graph], Bank of England, December 15, 2024. [Online]. Available: https://www.statista.com/statistics/311430/monthly-outstanding-consumer-credit-amounts-in-the-uk-by-type/