Surge in UK consumer borrowing fuels likely interest rate rise

The 9.9% annual growth figure further adds to concerns of unmanageable debt among UK householdsConsumers maintained their borrowing habit in September, as a near-double-digit increase in lending to households left the Bank of England on track to raise interest rates on Thursday.The pace of annual consumer credit growth was 9.9% last month, according to figures from the central bank, as borrowing on credit cards, overdrafts and unsecured loans jumped. Continue reading...