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 Consumer borrowing likely to spur interest rate rise

Bank of England data shows UK consumer lending rose 9.9% in September from a year earlier with net consumer credit increasing by £1.6bn last month, underlining concerns that lenders could face losses in the event the British economy deteriorates and a rise in interest rates is imminent. “With household debt a growing concern and an interest rate rise likely as early as this week, we encourage households to exercise caution before taking on additional borrowing – and consider how they would be able to cope with repayments in the event of a shock to their income,” said Joanna Elson, chief executive of the Money Advice Trust.

Source: The Daily Telegraph (31/10/17)   

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