Loan and credit defaulting beginning to plateau

Friday, December 9, 2005

Britons are less frequently missing payments on a personal loan or credit card as the country seems to finally be getting a grip on the debt that is blighting the nation, according to the Royal Bank of Scotland (RBS).

The bank said that in line with this it has also seen a turn away from the unsecured loan-loving attitude of the past and a greater effort to increase savings.

This is good news for the economy, with consumer debt through products such as a credit card or personal loan now standing at a reported £1.13 trillion.

RBS says that it does not know whether consumer debt has yet reached a peak, but that the signs are encouraging that the public are beginning to swap their loan and credit card habits for savings.

The bank, which also owns NatWest and Ulster Bank, said that the way consumers were now acting "reflected the transition in consumer behaviour which we anticipated".

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