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Consumer borrowing soared to a three-year high during 2007 as debt problems continued to rise throughout the UK, new research has shown.
Excluding mortgage debt, consumers in the UK borrowed a total of £76.7 billion during 2007, with lending reaching a peak in the final three months of the year, figures from Unbiased reveal.
That total is £11 billion higher than that of 2006 and the largest year of borrowing since 2004.
However, the amount put into savings accounts increased by £12 billion to over £145 billion during 2007.
David Elms, chief executive of Unbiased, said: "2007 has been a turbulent year with regards to finances. Not only did we see three base rate rises last year, but we also witnessed the beginning of the so-called credit crunch."
Recent research from Unbiased found that the average British employee would have to work for 70 days in 2008 just to pay off the interest on their debts.
