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Personal debt nears £1.5 trillion

9 March 2009

Personal debt in the UK is drawing steadily closer to the £1.5 trillion mark, according to the latest figures published by the Bank of England.

In January, the Bank reports, personal debt reached £1.4574 trillion - £1.2245 trillion of it secured against property and £232.9 billion classed as `consumer credit` (credit card lending and other loans and advances).

The Bank notes that January`s increase in total net lending to individuals (£1.1 billion) was lower than December`s increase and the previous six-month average - as was the increase in net lending secured on dwellings (£0.7 billion)

In December last year, personal debt stood at £1.4567 trillion; in November, it was £1.456 trillion.

Just three years ago, in January 2006, personal debt stood at £1.1678 trillion.

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