The economic situation in the UK means Brits are going to be borrowing more as talk of a recession continues to grow, the Fair Investment Company predicts.
At the end of August 2007, borrowing using loans, credit cards and motor and retail finance was £4,524 per adult.
However, new research from the Fair Investment Company suggests this now stands at £5,886, an increase of 30 per cent. This means the total amount of unsecured debt for the UK is £279 billion.
It was discovered that men tend to borrow more than women, and the age group with the biggest amount of debt is 31 to 35-year-olds.
Matt Edwards, a spokesman for Fair Investment said: "As people contend with rising fuel and food costs, it is no surprise that they have to borrow more."
He also said credit card and loan rates have "risen considerably".
Yesterday, Defaqto suggested keeping a weekly diary of outgoings and prioritising spending as ways to save money during the credit crunch.
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