A survey by the Bank of England found that lenders expect demand for credit card loans to fall by the largest amount since records began in 2007 Isabel Infantes/PADemand for mortgages and credit card lending is expected to fall sharply in the next three months, according to a survey by the Bank of England. In a further sign that consumers are reining in their spending before Brexit, the Bank said lenders expect demand for credit card loans to fall by the largest amount since records began in 2007. Demand for mortgages will be at an eight-year low. Growth in consumer credit has been slowing since it peaked at almost 11 per cent in November 2016, prompting fears of another debt bubble and leading the Bank to demand tougher affordability standards for borrowers. The survey of credit card lending will help to calm concerns at the Bank about excessive borrowing, but economists said that…

Source: The Times January 17, 2019 17:03 UTC