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Secured lending 'rose during January'
Levels of secured lending in the UK rose during January, according to new Credit Action figures.
The organisation has revealed that secured lending increased by £1.5 billion in the month from a year earlier, while consumer credit lending grew by £0.5 billion over the period.
It also found that the average amount owed by every UK adult stands at £30,306, which is 129 per cent of average earnings.
Borrowing via credit cards, finance deals, overdrafts and unsecured personal loans reached £4,667 per average adult at the end of January, while Brits spent over £68 billion on personal debt repayments in the past 12 months.
The release of the Credit Action figures has come after Moneysupermarket.com suggested that consumers could save up to £3,469 over the next 12 months by switching to the best combination of financial products on the market.
Loan rates are at a high, the site added, but some have started to drop recently.