Consumers took on more debt in December
1 February 2010
Total net lending to individuals increased by £1.2 billion in December, according to new statistics from the Bank of England.
In its monthly Lending to Individuals report, the Bank of England also said that consumers had taken on more debt in the form of consumer credit - a £0.1 billion net rise. It was the first increase in net consumer lending for six months.
Meanwhile, net lending secured on dwellings also increased by £1.2 billion, although this was lower than the previous month`s net increase of £1.6 billion.
A debt expert at Think Money said: "Whereas we have previously seen a series of falls in net consumer lending - suggesting people have been focusing on repaying debt - we now see an increase.
"We still advise consumers to think carefully about borrowing money in the current climate, and to seek expert debt advice at the first sign of trouble."
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Tags: debt, December, consumer credit, Lending to Individuals report, Bank of England
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