Debt rises in July
1 September 2010
In July, British consumers took on more debt than they repaid, according to the Bank of England.
Every month, the Bank publishes its `Lending to individuals` figures for the previous month.
The most recent figures - for July - were released yesterday. They show that people took on more debt than they repaid in that month, in terms of both secured debt and unsecured debt.
The increase in secured debt was actually quite small - just £86m. Over the last six months, secured debt has grown by an average of around £800m per month.
As for unsecured debt, this grew by £173m, which was quite close to the six-month average of around £200m.
In total, we collectively owe £1.456t. £1.239t of that debt is secured against property, while the remaining £217bn is `consumer credit` - credit cards, unsecured loans, etc.
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