Unsecured lending to individuals is up for two months in a row. Consumer borrowing is livened up due to the football World Cup. Buying television and other World Cup related merchandise led to individuals take out unsecured loans.

It has been told by Bank of England that unsecured lending to individuals has increased in May. It is the second month in a row that unsecured lending continued to rise. May’s increment is above the last six month average.

Consumer borrowing started slow in 2006, but boosted up later due to the World Cup, said by Howard Archer, chief UK and European economist for Global Insight. He also added that sales of television and other World Cup related merchandise had pushed the borrowing up.

He said that it was a temporary burst of energy from the consumers; their long-term financial ability remained a matter of concern. Slow earnings growth, higher tax burden, soaring utility bills, rising debt levels, pension problems, unemployment were all main obstacles for the consumers to gain financial stability.

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