It what can only be explained as a desperate attempt for UK residents to stay afloat using borrowed money, new figures out show a very disturbing trend in the amount of loans and overdrafts.
According to statistics from the Bank of England, unsecured consumer lending on loans and overdrafts doubled from £379 million in April to £732 million in May.
The deepening crises in the Eurozone, are forcing consumers to continually rely on loans to ride out the recession.
Credit cards are popular choice for people who are working. In the UK, consumers spend £1,392 billion every day on plastic card purchases. The UK’s love affair with credit is far from over.
Debt advice charities have seen a huge increase in the number of people contacting them for help and advice and every four and a half minutes someone is declared bankrupt or insolvent.