Financial News

• Brown dismisses housing crisis fears (09 04 2008 10:15)
• Mortgage hope offered by bank (09 04 2008 10:15)
• Consumer morale 'falls again' (09 04 2008 10:15)
• Bristol & West withdraws deals (09 04 2008 10:15)
• Retirees feel 'unhappy due to no longer working' (09 04 2008 10:15)
• Severn Trent to be fined £36m (08 04 2008 04:15)
• Brown to announce first time buyers help (08 04 2008 04:15)
• UK bank details 'for sale by thieves' (08 04 2008 04:15)
• Last 100% mortgage to disappear (08 04 2008 04:15)
• High earners 'shut out of market' (08 04 2008 04:15)

Subscribe!

Borrowing on the up

The amount of money borrowed by consumers in the UK increased by £11 billion in 2007, new figures show.

The total amount if debt soared to a three year high of £76.7 billion, unbiased.co.uk reports.

The financial advisory firm said that for every pound UK consumers saved during 2007, they borrowed 52 pence.

This is an increase from the 49 pence borrowed against every pound in 2006.

David Elms, chief executive of Unbiased.co.uk, said: "2007 has been a turbulent year with regards to finances. Not only did we see three base rate rises last year, but we also witnessed the beginning of the so called credit crunch. 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."

Send this article to: