{"id":1045,"date":"2017-08-01T16:46:18","date_gmt":"2017-08-01T16:46:18","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=1045"},"modified":"2017-08-01T16:47:11","modified_gmt":"2017-08-01T16:47:11","slug":"uk-consumer-credit-rises-highest-level-since-2008","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/uk-consumer-credit-rises-highest-level-since-2008\/","title":{"rendered":"UK Consumer Credit Rises To Its Highest Level Since 2008"},"content":{"rendered":"

\"\"Consumer credit in the form of loans, credit cards and overdrafts has hit \u00a3200 billion<\/strong> for the first time in the United Kingdom (UK) since the 2008 financial crisis. Data published by the Bank of England<\/a> (BoE<\/strong>) shows that unsecured consumer credit has grown by 10 percent this year, for THE period up to June reaching it\u2019s highest since December 2008 when it was at just above \u00a3200 billion.<\/p>\n

UK regulator Financial Conduct Authority<\/a> (FCA<\/strong>) has said that it is in the process of initiating a crackdown on the huge costs associated with overdrafts and also a review into the car loans market which has been on an upswing. Credit ratings agency Moody\u2019s also warned earlier this week that the rising household debt in the country was a cause for concern as some borrowers might struggle to make payments due to increasing inflation and overall slowing of the economy.<\/p>\n

Policymakers and charities are worried that with households struggling due to the rising cost of living, they might turn towards loans even more to meet their expenses, thereby increasing risks. They have also highlighted that banks were once again adopting an easy credit policy.<\/p>\n

Bloomberg TV Markets and Finance <\/strong><\/p>\n