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Debt taken on by individuals increased in January

01/03/2010

According to the latest figures from the Bank of England (BoE), the total amount of debt owed by individuals increased by £2.0bn in January.

The figures revealed that the annual growth rate in the amount of debt taken on by individuals increased to 0.8%.

Within the total increase, the amount of debt secured on dwellings rose by £1.5bn. This was above the increase seen in December (£1.2bn) and much higher than the previous six-month average of £1.0bn - pushing the twelve-month growth rate up to 1.0%, from 0.9% in December.

Consumer credit increased by £500m. Within this total, the amount of debt taken on through the use of credit cards increased by £200m, and `other loans and advances` rose by £300m.

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