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Secured lending 'rose in October'
Levels of secured lending across the UK rose during October, new figures from Credit Action have revealed.
The organisation's latest figures have revealed that such lending rose by £0.9 billion over the month, while consumer credit loans fell by a net £0.6 billion across the period analysed.
It was also found that 12-month growth rate of total UK personal debt fell to 0.7 per cent to stand at £1,458 billion, while average household debt in the UK including mortgages reached £58,316.
The average UK adult owes £30,208 including homeowner loans, which is 133 per cent of average earnings.
In addition, interest repayments of £65.7 billion were made on personal debts in the UK in the past 12 months.
Recent research published by Citizens Advice found that the number of debt problems in the UK has risen by an annual rate of 21 per cent in the past 12 months.
Significant rises have been seen in the number of people seeking advice on mortgages and secured loan arrears.