The Bank of England (BoE) has predicted that UK consumers will continue to default on their credit card debts in the coming months. In a report published today, it said there was “little evidence so far of any improvement in consumer behaviour”. The figure is the highest since early 2009 and, as a result, lenders have told the central bank that they plan to rein in risky lending in the coming quarter.
The Bank of England (BoE) has predicted that UK consumers will continue to default on their credit card debts in the coming months. Roughly 25% of lenders in the country have reported rising rates of default in the past three months, according to the BoE's most recent credit conditions survey. The figure is the highest since early 2009 and, as a result, lenders have told the central bank that they plan to rein in risky lending in the coming quarter.