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Consumers borrow £1.2bn in month

By Vicky Shaw

Published 02/05/2015

The upswing compares with an average increase in UK consumer credit of £900m over the previous six months, as well as being the largest increase seen since February 2008
The upswing compares with an average increase in UK consumer credit of £900m over the previous six months, as well as being the largest increase seen since February 2008

Consumers' borrowing on personal loans, overdrafts and credit cards surged by £1.2bn in March - marking the strongest growth seen since 2008, Bank of England figures show.

The upswing compares with an average increase in UK consumer credit of £900m over the previous six months, as well as being the largest increase seen since February 2008.

The sharp increase in consumer credit borrowing was fuelled by a £1.1bn increase in borrowing on personal loans and overdrafts, which was also the largest upswing seen in this type of borrowing since February 2008. Also within the £1.2bn increase seen in consumer credit in March, credit card borrowing increased by £161m.

Meanwhile, 61,341 mortgage approvals - with a value of £10.2bn - were made to buyers in March, marking a 0.3% fall compared with the previous month.

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