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More debt taken on than repaid in December

01/02/2010

According to figures from the Bank of England (BoE), in December, the monthly amount of debt taken on through credit cards, loans and overdrafts `outstripped` the amount of debt repaid for the first time since June 2009, the BBC reports.

The figures revealed that outstanding consumer credit (unsecured debt) rose by £52m in December.

Meanwhile, the number of mortgages approved for house purchase fell to 59,023 - slightly lower than November`s figure, but still above the average for the past six months.

As the BBC reports, `the trend during the downturn has been for consumers to pay off debts`, and for five months in a row, the amount of debt repaid has been more than the amount of debt taken on. However, as figures from the Bank show, this trend changed in December, mostly due to borrowing on credit cards - which increased by £195m.

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