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Debt taken on rose during every quarter of last year

Posted in IVA News on 21st April 2010.

Figures from advice website Unbiased.co.uk have revealed that the amount of unsecured debt taken on by borrowers, along with the level of equity unlocked from properties, increased throughout every three-month period of 2009, the Telegraph reports.

The actual amount borrowed rose from £1.81bn during Q1 (the first quarter of the year) to £14.35bn by Q4. Throughout the entire year, borrowers took on a total of £28.2bn of debt through credit cards, loans, overdrafts and equity release.

An IVA expert for the IVA Forum commented: “The fact that the amount of debt taken on increased every quarter may suggest – for one thing – that lenders are becoming more confident about extending credit.

“We would advise anyone thinking of taking on debt to make sure they are able to afford their repayments (bearing in mind that anyone’s circumstances can change) before they do so.”

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