Rise in mortgage debt
2 December 2009
According to figures from the BBA (Britsh Bankers` Association), gross mortgage lending (i.e. the amount of mortgage debt taken on) in October was `slightly higher` than in the previous month.
The figure, which reached £9.0bn in October, was £0.1bn higher than September`s figure, yet 19.5% lower than a year ago.
The BBA states that the amount of mortgage debt taken on will "continue to be weak in the absence of increased remortgaging activity".
Meanwhile, the amount of unsecured debt taken on through credit cards totalled £5.7bn in October - 8.2% lower than this time last year.
At the same time, the amount of credit card debt repaid in October was just 6.3% lower than a year ago, with £6.0bn cleared.
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