Increased Borrowing Increases Consumers' Debt

Informations

• Publié par: debt-free-me
• Nombre de lectures: 16
• Langue: English

Extrait

Increased Borrowing Increases Consumers'

Debt

PR Newswire

BLACKBURN, England, July 11, 2012

BLACKBURN, England

,

July 11, 2012

/PRNewswire/ --

An increase in borrowing resulted in consumers' personal debts rising last

month. According to some new figures published by the Bank of

England

,

Britons increased their debt levels sharply in May through loans, overdrafts and

credit cards.

The lending to individuals data shows that credit card borrowing has risen by

£70 million and new unsecured borrowing outstripped repayments by £732

million during the month. This is higher than £403 million which has been the

average over the past six months.

Findings reveal that the number of house mortgages approved fell slightly last

month to 51,098 and the Building Societies Association suggests that this is

because the Eurozone crisis is affecting homebuyers' confidence.

The statistics come at a time when the Bank of

England's

Monetary Policy

Committee has voted to increase the quantitative easing (QE) programme from

£325bn to £375billion. It means that the Government will publish more money

in an attempt to revive the economy.

Experts have raised concern that consumers are being forced to borrow money

to fund their day to day lives. This is concurred with Credit Action's July Debt

Statistics; the national money education charity.

The charity found that that since the start of 2012 there had been a steady

downward trend in average household debt (excluding mortgages) however in

January it rose for the first time in two years and it shot up again last month.

Michelle Highman, CEO of Credit Action, said: "The trends highlighted by Credit

Action's Debt Statistics reflect the fact that households are having a pretty

tough time of it at the moment. In particular, the periodic increases in average

household debt suggest that people are under pressure and are having to fall

back on credit in order to get through the month; clearly a source of concern."

If you are struggling with debt and need expert help, look no further than

Debt

Free Me

for high quality debt advice. Rest assured that the professionals can

find a debt solution that's right for you so if your debt levels are rising, speak to

the specialists today.

Media Contact Details

Company: Debt Free Me

Address: Glenfield Park Two,

Blakewater Road,

Blackburn

,

Lancashire

,

BB1 5QH.

Telephone: [phone]

Town:

Blackburn

UK