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Consumer credit up 9 per cent

Total consumer credit outstanding increased 9 per cent to £128bn in 2000 from £115bn in 1999, equating to an average debt of £2,810 per adult in the UK, according to research published by Datamonitor.

The biggest increase was in credit card debt, which increased 46 per cent to £38bn in 2000 from £26bn in 1999. The increased borrowing is believed to have been caused by the strength of the economy and lower interest rates.

But the research concludes that apathy and fear of rejection prevent consumers from shopping around for the best rates on personal loans.

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