British consumers spent a record £11.56 billion sterling (€16.4 billion) on their credit cards during November, according to the Bank of England yesterday.

The total was well up on November 2002's figure of £10.14 billion as consumers continued to use their plastic despite the hike in interest rates.

But strong repayments meant overall credit card debt rose by just £574 million during the month, well down on October's jump of £693 million and £818 million recorded in June. Consumers now owe a total of £52.92 billion on credit cards.

Total unsecured lending was the second-highest figure on record, with people borrowing £17.58 billion during November through loans, credit cards and overdrafts.

After repayments were taken into account, total consumer credit rose by a more subdued £1.62 billion, higher than the previous month's £1.4 billion, but down on September's £1.81 billion.

Mortgage lending also showed signs of slowing during November, with total lending reaching £24.42 billion - the third-highest figure on record but down on October's £25.28 billion.

Net lending, which strips out redemptions and repayments, was £8.61 billion, compared with £9.45 billion the previous month.

The bank's figures also showed that mortgage approvals were slightly subdued, with the value of loans approved £700 million lower than the average for the previous three months at £25.89 billion.

Around 115,000 loans were approved for house purchase during the month, compared with an average of 117,000 in the three months to the end of October.

The bank also released figures today showing that homeowners withdrew a record £13.43 billion of equity from their properties during the three months to the end of September.

The figure is well up on the £11.24 billion withdrawn during the previous quarter and the £9.81 billion taken out in the third quarter of 2002.

Britons are increasingly cashing in on the housing boom by withdrawing money from their homes to finance large purchases or consolidate debt. - (PA)