Personal debt increased in February
Posted in IVA News on 16th April 2010.
According to the latest ‘Lending to Individuals’ figures from the Bank of England, personal debt increased by £2.1bn in February.
The total amount of debt secured on property increased by £1.586bn in February – slightly higher than in January, and higher than any of the monthly increases we saw in 2009.
Unsecured debt increased by £528m – around 50% higher than the increase seen during the month before, and much higher than any of the monthly increases seen last year.
An IVA expert for the IVA Forum commented: “The fact that personal debt increased in February may suggest that lenders are becoming more confident with their money now the UK economy is out of recession.
“It is important, though, that borrowers think carefully before taking on debt and consider whether they would be able to afford their repayments if their circumstances took a turn for the worse.”
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