A sharp decline in household spending on the never-never, and especially spending on credit cards, is a trend that must surely be welcomed. The Bank of England said last week in its quarterly credit health check that high street banks were about to witness the biggest decline in such borrowing since records began 12 years ago.
Threadneedle Street said its index of demand for credit card lending over the three months to the end of March had dropped to -20.7 from -7.2.
Continue reading...posted from The Guardian
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