Adverse Mortgages UK

Britons are beginning to take a more responsible approach to borrowing money, a new report has indicated.

Statistics compiled by Unbiased.co.uk, a website promoting the work of independent financial advisers, revealed that UK consumers took out just less than £4 billion in loans, mortgages and other forms of credit during the second quarter of 2007.

That figure was down from the £17 billion borrowed during the same period in 2006 and the website's chief executive David Elms attributed the fall to people reacting to higher interest rates by behaving "far more cautiously".

However, he added: "It's important to note that personal debt in the UK continues to rise and, as such, UK consumers should continue to be savvy when it comes to saving and spending their money."

Figures compiled by Credit Action, the money education charity, showed that at the end of July, British adults owed an average of £4,515 via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans.

© Adfero Ltd

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