Unsecured lending outstanding balances at highest level for years
Outstanding balances from unsecured lending in the UK reached its highest level in over 2 years, in January 2014.07 March 2014
New statistics revealed a sharp increase in the amount of money people owe to unsecured loans such as credit cards, bank account overdrafts, personal and payday loans.
For the past 3 years outstanding balances have fallen in the January, compared to the previous December. However, this year saw a significant rise taking the total balance to over £160 billion for the first time since January 2012, figures from the latest Debt Statistics show.