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A recent Credit Conditions Survey conducted by the Bank of England found that lenders expect credit card defaults to increase over the next three months due to financial strain on borrowers. The survey, which was carried out between August 17 and September 4, also noted slight decreases in mortgage default rates but no change for corporate loans. Additionally, the survey indicated a decrease in mortgage availability followed by an expected slight increase, along with growing demand for mortgages and remortgaging as lenders become more confident about future lending conditions despite ongoing economic challenges.
Written locally by qwen2.5:14b on 2026-10-08,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Lenders anticipate an increase in credit card defaults over the next three months, according to a recent survey conducted by The Bank of England. While mortgage availability decreased slightly from May to August and demand for mortgages also fell during this period, both are expected to rise moderately through November. Nathan Emerson, CEO at Propertymark, expressed optimism about potential growth in secured lending. However, Adam Butler from the debt help charity StepChange warned that defaults on unsecured credit will likely continue to rise due to increasing costs of living and higher interest rates. The Bank of England's Credit Conditions Survey indicates that default rates for mortgages have slightly decreased but are expected to remain stable, while loan default rates for companies have been steady with no change predicted in the near future. StepChange is already supporting 20% more clients than anticipated this year as people struggle to meet their financial obligations amidst rising prices and energy costs.
Written for “Credit Card Defaults Predicted To Rise” on 2026-10-08,
grounded in this article and the 0 other(s) covering the same event.
Why this leaning score
The model judged this article politically coded and scored it -0.35, but all 2 of its quote(s) are attributed speech - words the article quotes from someone, not the article's own narration, so the score is not published.
Written under an earlier scoring contract, which gave a paragraph
rather than checkable quotes. Re-analysing this article replaces it.
Leaning score withheld for article 65336: attributed speech only · logged 2026-10-08
Defaults on credit cards are also expected by banks and building societies to increase in the three months to the end of November.
asserted
Defaults → expect → November
Lenders also said default rates on mortgages slightly decreased in the three months to August and are expected to be unchanged in the three months ahead.
asserted
rates → say → months
Meanwhile, default rates on loans to companies were unchanged in the three months to August and they are predicted by lenders to remain unchanged in the upcoming quarter.
asserted
they → predict → quarter
Adam Butler, public policy manager at debt help charity StepChange, said: “Defaults on unsecured credit are rising as people struggle to make their regular repayments alongside essential bills.
“With further price shocks to come in the winter with energy price rises, interest rates trending upwards, and wider consumer prices continuing to rise above the Bank (of England)’s target, we expect this to feed through into our advice service with continuing increased demand for support, with the charity already supporting 20% more clients than expected this year.
asserted
charity → say → clients
The Bank of England carries out the Credit Conditions Survey each quarter as part of its role to maintain financial stability.
asserted
Bank → carry → stability
The latest survey was carried out between August 17 and September 4 and so any impact from more recent developments will not be captured.
asserted
impact → carry → developments
Lenders were asked to report changes in the three months to the end of August relative to the previous quarter year between March and May.
uncertain
Lenders → ask → March
Read More
They were also asked about their expectations for the three months to the end of November.
asserted
They → read → November
Lenders reported mortgage availability decreased in the three months to the end of August and it is expected to increase slightly over the three months to the end of November.
Demand for mortgages for house purchase decreased in the three months to August, and is expected to increase slightly in the three months ahead.
Remortgaging demand fell in the three months to August but it is also expected to increase in the period to the end of November.
Nathan Emerson, chief executive at property professionals’ body Propertymark, said: “It is encouraging to see growing confidence around the potential demand for secured lending for house purchases and remortgaging in the months ahead.
asserted
It → report → months
“While the year has proved challenging for many consumers from an affordability perspective, improved access to finance could provide an important catalyst for greater confidence across the housing sector as we approach the end of the year and head into 2027.
uncertain
we → prove → 2027
“Maintaining access to affordable lending will be important in helping the market build momentum and providing greater certainty for consumers.”
asserted
market → maintain → consumers
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