And finally…UK consumers break record for most borrowed on cards in a single month
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The record for the most spent by UK shoppers using credit cards in a single month was broken last month, new industry figures have revealed.
According to trade body UK Finance, the total borrowed via cards by UK shoppers hit £10.7 billion in September, the highest total since records began in 1997.
At the same time, the amount of money being put away in savings accounts rose by just 0.9 per cent on the previous year, the weakest rise since 2007.
Just two years ago the annual growth was 5.1 per cent.
Laura Suter, personal finance analyst at AJ Bell, said: “Last year saw the amount people spend outstripping the amount they earn for the first time in 30 years, on average by £900 per household.”
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