{"id":3745,"date":"2018-10-29T14:33:17","date_gmt":"2018-10-29T14:33:17","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/car-sales-drop-leaves-borrowing-growth-rate-at-three-year-low\/"},"modified":"2018-10-29T14:33:17","modified_gmt":"2018-10-29T14:33:17","slug":"car-sales-drop-leaves-borrowing-growth-rate-at-three-year-low","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/car-sales-drop-leaves-borrowing-growth-rate-at-three-year-low\/","title":{"rendered":"Car sales drop leaves borrowing growth rate at three-year low"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"car sales\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/987D\/production\/_104073093_carsalesgettyimages-461479672.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">A fall in new car sales has fuelled a slow down in borrowing by consumers, the Bank of England said.<\/p>\n<p>Its data showed that the annual growth rate in consumer credit slowed to 7.7% in the year to September. This is down from 8.2% in August &#8211; and the weakest pace since June 2015. <\/p>\n<p>The amount of borrowing in September fell to \u00a3800m, in part because of the fall in demand for car finance.<\/p>\n<p>New <a href=\"https:\/\/www.bbc.co.uk\/news\/business-45743771\" class=\"story-body__link\">car sales fell 20.5% in September<\/a>, data has shown.<\/p>\n<p>The Society of Motor Manufacturers and Traders&#8217; figures published earlier this month showed sales of petrol and diesel cars fell, while those of hybrids and plug-in electric rose by just 3.9%.<\/p>\n<p>The rate of borrowing has slowed since its peak of 10.9% in November 2016, the Bank of England said.  <\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45743771\" class=\"story-body__link\">Household debt: How much do we owe?<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45743771\" class=\"story-body__link\">New car sales plunge 20% in September<\/a><\/li>\n<\/ul>\n<p>The rate of growth of debt has sparked concerns about the ability of consumers to maintain payments. In September, the National Audit Office <a href=\"https:\/\/www.bbc.co.uk\/news\/business-45343236\" class=\"story-body__link\">said up to 8.3 million people in the UK are unable to pay off debts or household bills<\/a>.<\/p>\n<p>If measured on a three-month basis, annualised growth was 5.5% &#8211; the weakest since January 2014. <\/p>\n<p>The amount borrowed on credit cards on September &#8211; \u00a3500m &#8211; was unchanged on the month and broadly in line with the average of the previous six months, the Bank of England said. <\/p>\n<p>Lending for mortgages increased by \u00a33.9bn and the annualised rate was unchanged at 3.2%. &#8220;It has now been around 3% since late 2016, and remains modest compared to the pre-crisis period,&#8221; the Bank of England said.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-46018099\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images A fall in new car sales has fuelled a slow down in borrowing by consumers, the Bank of England said. Its data showed that the annual growth rate in consumer credit slowed to 7.7% in the year to September. This is down from 8.2% in August &#8211; and the weakest pace &hellip; <\/p>\n","protected":false},"author":0,"featured_media":3746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3745"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3746"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}