The unsecured consumer credit in the UK has increased by £864m in September this year, up from £680m in August, according to a revised data by Bank of England (BoE).
The increase in unsecured consumer credit was due to consumers borrowing more money on loans and credit cards in September.
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Net borrowing on credit cards reported a five-month low of £151m during the same month.
IHS Global Insight chief UK economist Howard Archer was quoted by The Telegraph as saying that improving consumer confidence means that people have become more prepared to borrow in recent months, and that the September’s rise could also be a cause for concern.
“It may also be that the squeeze on consumer spending coming from inflation running well above earnings growth for an extended period means that some people are having to borrow more to finance any major spending,” Archer added.
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