British shoppers seem unfazed by Brexit, with 168 million transactions taking place via credit cards in the month of July, well exceeding the monthly average recorded over the past six months. The figures, released by the British Bankers' Association (BBA), show that credit card lending in July (￡291 million) rose by 20% on July 2015. Commenting on the findings, Rebecca Harding, chief economist at the BBA, said: "This month's statistics are the first set of borrowing figures gathered since the EU referendum. The data does not currently suggest borrowing patterns have been significantly affected by the Brexit vote, but it is still early days. Many borrowing decisions will also have been taken before the referendum."
Credit cards, bank loans, overdraft facilities and being in arrears on household bills are all having a huge impact on people’s ability to keep on top of their debt, leaving many struggling to meet payments and teetering on the edge of insolvency.
If you are concerned about your finances, our experts at our partner business BM Advisory can help. Whatever your situation, the sooner you contact us the more options you will have available to you. Your initial consultation is free of charge, and you can rest assured that it will be in total confidence. To find out more or to discuss your specific circumstances, please contact Andy Pear or Mike Solomons.