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Britons 'borrowing £360 million a day'

Britons are borrowing approximately £360 million each day, according to a financial education charity.

Figures from Credit Action showed that £324 million worth of this is through secured borrowing, such as a mortgage loan.

Meanwhile, £36 million of the total is in unsecured borrowing, such as credit card spending, using store cards and taking out overdrafts.

Chris Tapp, associate director of Credit Action, commented: "Day-by-day in the UK we now borrow and spend at an astonishing rate, it is such a key part of our everyday life."

However, he urged people to be cautious with the amount of money they are spending, in order to avoid falling into debt and experiencing financial hardship.

Mr Tapp recommended that people think very carefully to ensure they can afford to pay back the amount they are borrowing.

Recent research by MoneyExpert.com found that six million UK borrowers have turned to consolidation loans as the solution to their growing debts.

Click here to see how much you could borrow with a Lombard Direct personal loan.

14/03/2007 15:19:51

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