U.K. June Consumer Borrowing Holds Steady on Credit Cards
- Credit cards account for an increasing share of borrowing
- BOE officials are expected to hike interest rates this week
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U.K. consumers maintained their appetite for debt in June as the Bank of England considers whether to raise interest rates for only the second time since 2007.
Unsecured lending rose 8.8 percent from a year earlier, the same rate as in the previous two months, the U.K. central bank said on Monday. Consumers added 1.6 billion pounds ($2.1 billion) to their debts in June -- above the average of the previous six months. Credit cards are accounting for an increasing share of consumer credit, outpacing personal loans, overdrafts and car finance, the BOE said.