The borrowing of unsecured loans has been reported to be low last month. According to Global Insight, there will be moderate borrowing in coming months as consumers are looking for economical means to fund their spending. Increasing debts and rising unemployment with a fear of interest rates being raised has compelled consumers to manage their finances.

London (shakespearefinance) 22 September 2006: As per a new industry comment consumers borrowing went down in August. Global Insight has observed that lending of unsecured loanfigures were low in August and expressed the figures as "muted".

Howard Archer, Global Insight chief UK said: "Unsecured consumer borrowing was muted in August, with credit card borrowing declining again."

He further added that most of the borrowers are now in search for less costly ways of funding their needs.

Mr. Archer said: "Elevated debt levels, higher interest rates, rising unemployment and increasing pension concerns means that there is an increased need for many consumers to try and improve their finances. This need will be highlighted if the Bank of England raises interest rates again before the end of the year."

Global Insight, predicted the borrowing to be moderate in coming months due to increased pressure on many household finances.

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