Credit Card Spending At Record High

Consumer borrowing for credit cards and personal loans has surged, reaching record levels according to the Bank of England. This increase is attributed to improved economic conditions and consumer confidence, not just pre-Christmas spending. Lenders have relaxed credit scoring and made borrowing easier, contributing to this trend. However, experts warn that easy credit can lead to financial difficulties if not managed properly. Despite increased borrowing, default rates on credit card lending are declining.

What factors have contributed to the rise in consumer appetite for credit cards and personal loans according to the text?

How has the environment for borrowing changed since the crisis mentioned in the text?

What does the text suggest about consumer confidence and its impact on borrowing?

What are some potential risks associated with increased borrowing as highlighted in the text?

According to the text, what is the current trend in default rates on credit card lending?