As indicated by figures from the Bank of England, consumer borrowing between February and March in the UK increased by £1.2 billion.
As figures indicate, this is the biggest increase in consumer borrowing since 2008 (financial crisis).
In the previous year, consumer borrowing has expanded by 6.9 per cent, with the average UK family unit owing an average of £6,300.
There was a surge in unsecured borrowing such as bank loans and overdrafts, accounting for £1.1 billion of the aggregate ascent.
As understood the report, mortgage and credit card lending was flat.
As per PwC’s estimation, the average household debt in the UK could hit £10,000 next year.
