UK Card spending has fallen by 1.2% in March with repayments outstripping new lending in the first quarter of 2018.

Outstanding levels of credit card borrowing rose by 5.8% in the year to end March, according to figures released by UK Finance.

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Consumer deposits grew by 1.8% in the year to end March, slightly down on the previous six-month average of 2%.

Eric Leenders, Managing Director, Personal Finance, UK Finance, said:

“March figures show that consumer borrowing was fairly modest, with card spending down and repayments outstripping lending in the first quarter of 2018.  Growth in personal deposits also increased over the year, alongside a rise in overdraft repayments.

Mortgage lending drops

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Mortgage lending dropped sharply in March. Gross mortgage lending fell by 2.3% to £20.5bn, while the total number of mortgage approvals for new home purchases fell by 21% per cent to 38,710.

UK Finance is the trade body comprising the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.