August 25, 2008
UK personal loans reach £1 billion per month
The Consumer Credit Counselling Service has revealed that British people are now accounting for around £1 billion of personal loans per month. The current trend in the unsecured loan market has also seen a rise in the level of debt problems.
The Citizens Advice Bureau has also reported that there has been a steep rise in the amount of queries from individuals and families who are struggling to cope with credit card and personal loan debt.
However, whilst the credit crunch is continuing to hit families and businesses in the UK, the Insolvency Service has released figures that show that the level of personal bankruptcies had fallen by 1.3% between the first and second quarters of 2008.