In September, it hit 204 billion pounds ($269.52 billion), with car finance the fastest expanding area that now accounts for around 30 percent of the total. These have risen from 13.5 billion pounds ($17.81 billion) in 2008 to over 36 billion pounds in 2016 - a 168 percent increase, data from the five firms' financial statements show. Most consumer credit is offered on fixed interest rates, so would not be directly impacted by a rate increase. Advertisement Continue reading the main storyOutstanding lending on these credit lines hit 134.8 billion pounds in September, compared with 138.2 billion pounds in August 2007. "We are a responsible lender with a strong capital base, and a low risk approach to consumer credit," said a spokeswoman for Sainsbury's bank.

Source: New York Times November 01, 2017 18:11 UTC