Credit data specialist Experian has revealed UK borrowing increased to over £1.1 trillion in the last year, despite showing signs of a slowdown.
In its annual UK debt report showed debt balances on outstanding mortgages, credit cards, loans and overdrafts rose by 9.24% to £1.1.59 trillion.
According to the report outstanding debt on mortgage balances showed the largest increase over the last 12 months.
Bruno Rost, spokesperson for Experian, said its results show lenders had been tightening lending criteria before August 2007.
He said: “It shows that growth in lending has slowed markedly across all key credit products and credit tightening on cards, loans and mortgages was already well established in advance of the so-called credit crunch”
Rost said the worst affected area was Northern Ireland which had shown a 23% increase in debt balances.
The data also revealed mortgage balances had risen 10.8% over the past 12 months compared to 16.4% in the previous 12 months.
It said the growth in outstanding mortgage balances had been in line with house price inflation around the country.
Rost said consumer loans had bucked the trend by showing a decrease iin debt balances.
He added: “The total balance on loans has actually decreased by 0.38 per cent, compared with an increase of 2.9 per cent in the previous 12 month period.”