Consumer credit sees most rapid increase in four and a half years

New data has shown that more and more Brits are turning to consumer credit in order to help them continue their current standards of living.

According to the data from the Bank of England released today (30th August), consumer credit has increased by 3.5 per cent this year, the most rapid increase in four and a half years, reports theguardian.com.

This means more consumers are choosing to rely on personal loans, credit cards and overdrafts because they simply aren't earning enough to maintain their current living standards, due to freezes on pay rises.

The data also showed that consumer credit increased from