People 'have taken on more unsecured debt' in recent years

The amount of unsecured debt taken on by the country's consumers has gone up in recent times, it has been suggested by one expert.

Money Advice Trust chief executive Joanna Elson has cited figures which emphasise the amount of money that people have borrowed in the last three years.

She commented that August 2007 statistics from the Bank of England "show that despite a three year period including banking collapses, deep recession and tight controls on credit lending, consumers have actually increased their unsecured debts by £1.8 billion."

Consumers can actually have a substantial financial impact on society if their debt problems are at unmanageable levels, Ms Elson went on to suggest.

Nevertheless, she did point out that those looking to get credit might find it is a useful tool in some cases.

Unemployment is something that could prove problematic to debtors in the months ahead, Ms Elson noted earlier in the month.

Posted by Tom Burroughs.