Financial pressure hits the borrowing public

One in 10 credit cards are in arrears, which is a slight improvement from May but is still 14% worse than it was a year ago.

Furthermore, 4.1% of credit active consumers are currently more than 30 days overdue, and 2.3% are over 90 days past due, indicating affordability stress for some households.

Arrears on vehicle loans have risen, which is seen as significant, since people usually make a point of keeping up car payments as a priority.

And as people with loans are getting into greater trouble, others are avoiding loans in the first place.