Britons' borrowing 'on the rise'

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Britons' borrowing 'on the rise'

Despite higher interest rates British consumers are still taking on credit while at the same saving less, according to new figures from Unbiased.co.uk.

The consumer brand of IFA Promotion found that in the third quarter of this year Briton's borrowings excluding mortgages broke the £11 billion barrier to reach £11.7 billion.

Meanwhile savings dropped by over £11 billion, meaning that for every pound saved British consumers borrowed 35 pence, up from just 13 pence in the previous quarter.

David Elms, chief executive of Unbiased.co.uk, said that the high levels of borrowing coupled with the drop in savings is a "worrying development" and one that is unlikely to improve as Christmas looms.

"It is therefore important for people to take control of their finances now to ensure their savings and borrowings remain at a healthy level," he remarked.

According to figures from the charity Credit Action, Britain's level of personal debt increases by £1 million every four minutes.
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