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Liz Dunscombe, director of project and partnership development at Credit Action, said that unsecured lending is on the rise, with annual growth standing at 2.3 per cent.
She explained that this bucks the trend that has dominated throughout the recession, where people have concentrated on paying off their existing debts.
"Household budgets are being squeezed by rising prices across the fundamentals such as food and energy bills," she explained.
Ms Dunscombe said that this has combined with the fact that many employees have not received a pay rise for a number of years and have not had the same opportunities for bonuses or overtime.
Industry expert Jeremy Cryer recently advised those struggling with credit card debt to transfer their balance to a card with an extended interest-free period.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2011-10-07 12:02:21 © Moneyextra.com
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