Credit card outstandings essentially remained flat in October on an adjusted basis, as overall consumer credit went into negative territory. On a reported basis, year-on-year growth was up 283 basis points, compared to being down 269 basis points in September. According to the The Bank of England, net credit card debt was GBP 54.5 billion in October, compared to GBP 54.1 billion in the prior month, and GBP 53.0 billion for October 2008. However, the current figure is inflated by GBP 500 million due to a de-securitization. Total net lending to individuals rose by GBP 300 million in October. The twelve-month growth rate fell to 70 basis points and the three-month annualized growth rate increased 30 basis points to 50 basis points. Consumer credit fell by a net GBP 600 million, below the previous six-month average. The annual growth rate of consumer credit continued to fall, to minus 10 basis points and the three-month annualized growth rate fell to minus 220 basis points.
NOTE: Chart does not include about GBP10 billion from specialist lenders, retailers, and insurance companies. SOURCE: Bank of EnglandDetails