Personal loans jump, mortgage lending drops a third

More than 14,200 mortgage accounts moved into "past due" territory(Image: Getty)

Tue, 04 Oct 2022

New mortgage applications have dipped by a third year-on-year, "buy now, pay later" (BNPL) arrears hit a three-year high of 9.3% and demand for personal loans jumped to a 10-month high as households turn to credit to help fund spending.The latest data from credit-reporting firm Centrix paints a picture of a consumer sector under pressure.BNPL enquiries were also down 27% year-on-year to September, with a similar downturn in retail credit demand and less discretionary spending going through the cash register.Centrix managing director K...

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