The latest figures released in the HSBC debt index have revealed that British consumers still have a healthy appetite for debt.
The index increased by 1.6 per cent in April compared with this time last year, following an annual fall of 11.2 per cent in March, Reuters reports.
The index has been designed to measure financial confidence amongst British consumers, based on information about personal loans, mortgages and equity withdrawal enquiries from about 1,700 HSBC branches across the country.
"The evidence continues to point to household appetite for debt stabilising, but at a lower level than a year ago," John Butler, UK economist at HSBC, commented.
The news follows figures released last week by the Credit Services Association, the professional organisation representing debt collecting companies, which estimated that the total debts they had to collect amounted to about £5 billion.Click here to find the best deal on a personal loan.
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