UK Money News
10th March 2008
Consumer borrowing increased by £11bn last year
Increased pressure on household finances prompted the UK's level of consumer borrowing to soar last year, it has been revealed.
According to figures from Unbiased.co.uk, consumer borrowing skyrocketed by £11 billion in 2007 to £76.7 billion - the highest figure recorded for three years.
The rise has been attributed to rising energy bills and three rises in the key base rate of interest.
The survey did however reveal some good news, with savings levels up among consumers to £12 billion to over £145 billion during 2007.
David Elms, chief executive of Unbiased.co.uk, welcomed the trend towards amassing greater savings with the prospect of the predicted economic downturn this year.
He said: "Consumers no doubt will worry about the impact of the financial markets and the economy on their wallets and it is great to see that savings levels have increased compared to 2006.
"It has never been more important for people to take control of their finances to ensure their savings and borrowings remain at a healthy level."
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