Headlines:
| Personal loan requests down |
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| Monday, 25 August 2008 | |
New data
released by the Central Bank show Jamaicans have cut back on their demand for
personal loans from financial institutions.In contrast to previous quarters, there was a marginal increase in the disbursement of personal loans between April and June. Growth in personal loans decelerated to 1.9% down from 6% in the previous quarter and 8.2% during the corresponding quarter last year. Four point eight billion dollars was owed in personal loans compared to $4.4 billion at the end of March. The Bank of Jamaica said while there was a decline in the demand for personal loans more persons have been relying on their credit cards. Credit card receivables increased by 6.1% during the review quarter compared to growth of 1.2% in the previous three months. |