Error means Bank of England reported unsecured lending in September was less than half actual total

British consumers borrowed more money on loans and credit cards in September than at any point this year, raising concerns that the economic upturn in the UK is being fuelled by debt. Revised Bank of England data on Thursday showed that unsecured consumer credit rose by £864m in September. This was the highest monthly level in 2013, and up from an increase of £680m in August. A Bank of England error meant the figure was reported as £411m earlier this week. "This release was reissued on 31 October 2013 due to an error in implementing a change to the reporting population for September 2013," the Bank said in a statement on Thursday. The revised figure also means unsecured lending rose to an annualised rate of 5.8pc in the third quarter, a pace not seen since April 2008. September's corrected consumer credit total was also well above the 2013 average of £572m, and substantially higher than the 2012 level of £160m. Consumers took advantage of record low loan rates, with the net increase on loans and other advances climbing to £713m in September.....Read more here