Increasing interest rates do not seem to have deterred people from borrowing more as new findings from the Bank of England suggest total debt in the UK almost hit the £1 trillion mark in May.
According to the BoE’s monthly statistics, the outstanding amount of debt reached £993,359 in May – just £7bn short of a trillion.
The latest figures comes as total lending to individuals rose by £10.2bn in May, the BoE says.
Money owed on cards, overdrafts and other loans rose by £1.6bn in May, compared with £1.3bn in April.
In the meantime, mortgage lending accounted for around £8.6bn of total lending, with the value of all mortgage loans approved reaching £26.6bn – £0.4bn up on April.
That said, the previous month’s increase was £0.8bn weaker than the one recorded in April, suggesting recent interest rates rises may have put a dampener on people’s willingness to borrow.IFAonline
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