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    The total amount of money borrowed by British consumers via credit cards increased by around £400 million during February, according to the latest figures from the Bank of England.

    Overall, net consumer credit rose by almost £2.4 billion over the same period, which was an increase greater than the average of the previous half-year.

    Furthermore, as millions of consumers struggle to solve their debt management problems, the bank has reported that the number of loans taken on for purposes other than acquiring a property were worth £2 billion more in February than in January.

    Tracey North from price comparison firm uSwitch.com told the London Evening Standard: "People are grabbing what credit they can."

    Meanwhile, a report from moneysupermarket.com last week suggested that consumers in the UK using debt as a way of funding their everyday lives are risking financial ruin and potentially the need to enter insolvency.

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