Borrowing surges: UK consumer credit increases

Consumer credit card lending increased by £269 million and personal loan, overdraft borrowing surged by £983 million

ISLAMABAD: The British public is piling up new personal debt at the fastest rate in seven years, with borrowing hitting more than £1.25 billion ($2 billion) in November 2014, official data shows. The figures received from the Bank of England showed consumer credit card lending increased by £269 million in November and personal loan and overdraft borrowing surged by £983 million, The Guardian reported. The November figure was the third month out of five that British consumers racked up more than £1 billion of new debt. The Bank of England said over the three months, unsecured lending had grown at its fast rate since October 2005 and annually the November figure was up 6.9% compared to the previous year.

Published in The Express Tribune, January 4^th, 2015.

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