CML: November lending highest ever

This was nine per cent more than in October and 19 per cent more than last November, when loans only totalled £27.7 billion.

CML director general Michael Coogan said: “Not only is today’s lending figure the highest ever, our recently published forecasts suggests lending will beat our previous predictions for the coming two years.”

With lending at such high levels despite increases in the interest rate, this could be a worrying sign of the failure of Britons to engage in sound debt management.

Mr Coogan stated that he expects the situation to get worse, with total gross lending in 2007 to reach £360 billion, “another record breaking year”.

For anyone who felt that they borrowed more than they could afford in 2006, advice on becoming debt free can help rectify the situation.