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UK household debt hits a record UK household debt hits a record
(35 minutes later)
Household debt in the UK has reached a record level, according to figures from the Bank of England.Household debt in the UK has reached a record level, according to figures from the Bank of England.
Individuals now owe a total of £1.43 trillion, including mortgage lending, slightly above the previous high.Individuals now owe a total of £1.43 trillion, including mortgage lending, slightly above the previous high.
The previous record was set in September 2008, just before the effects of the financial crisis and the recession began to bite.The previous record was set in September 2008, just before the effects of the financial crisis and the recession began to bite.
The rise reflects the willingness of consumers to borrow more, as a recovery comes into sight.The rise reflects the willingness of consumers to borrow more, as a recovery comes into sight.
However, the figures may also show that families are having to borrow to deal with the higher cost of living, and to pay household bills.However, the figures may also show that families are having to borrow to deal with the higher cost of living, and to pay household bills.
The precise amount owing is £1,429,624,000,000.
That compares with the previous high of £1,429,595,000,000 five years ago, a difference of just £29m.
Most of the debt is in mortgages, which have been rising steadily.Most of the debt is in mortgages, which have been rising steadily.
Unsecured lending - on credit cards or with bank overdrafts - has also started to recover since the recession.Unsecured lending - on credit cards or with bank overdrafts - has also started to recover since the recession.
However, the figures show that unsecured borrowing actually fell in October, From £158.8bn to £158.6bn.However, the figures show that unsecured borrowing actually fell in October, From £158.8bn to £158.6bn.
The news will increase concerns that the UK's recovery is based on increased borrowing, rather than growth sustained by rising incomes.The news will increase concerns that the UK's recovery is based on increased borrowing, rather than growth sustained by rising incomes.
However, the total debt figure is not adjusted for inflation.However, the total debt figure is not adjusted for inflation.
The Bank of England has pointed out that relative to income, debt levels have been falling.The Bank of England has pointed out that relative to income, debt levels have been falling.