Borrowing via personal loans has outweighed repayments each month this year, according to banks in the UK.

This increase in this type of borrowing has not been since for the last 7 years.

The borrowings are made up of £175m in personal loans and £346m through credit cards.

Figures also indicate that new mortgage lending was 15{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} greater than the same time last year (August 13).  The number of mortgage approvals for house buyers is also up 5{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} on the previous year.


Source: BBC news