Debtor figure at a new high

CONSUMERS are borrowing at record levels and the number of people in debt has reached a new high.

Figures released by the Central Bank show financial institutions were owed 142 billion up to last November, including medium and short-term loans, motor loans and other credit packages.

While the amount of credit given to consumers has grown rapidly over the past seven years, Paul Joyce of the Money Advice and Budgeting Service (MABS) said the legal system has not changed to accommodate such change and is utterly outdated where debt recovery is concerned and needs urgent reform.