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Financial News: UK Lenders Set To Reduce Unsecured Credit In

UK Lenders Set To Reduce Unsecured Credit In Q1

01/11/2018 - 06:15:00 (RTTNews)

(RTTNews) - British lenders plan to reduce unsecured credit to households in the first quarter, the Credit Conditions Survey, published by the Bank of England showed Thursday.

The availability of unsecured credit to households decreased in the fourth quarter. Lenders expect a considerable decrease in the first quarter.

The availability of secured credit to household was unchanged in the three months to December and no change is expected over the next three months.

The overall availability of credit to corporate sector also remained unchanged in the fourth quarter. The survey was conducted between November 20 and December 8.

Demand for secured lending for house purchase increased slightly in the fourth quarter. At the same time, demand for credit card lending was reported to be broadly unchanged in the fourth quarter.

Default rates on secured loans to households are forecast to fall further in the first quarter. Meanwhile, default rates on corporate loans increased for small businesses, while remaining unchanged for medium and large PNFCs.

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