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The ONS said this was partly due to a rise in consumer spending despite people feeling poorer.The Bank of England is so concerned by the levels of consumer debt it has launched a major review of lending practices.Brian Brown, of Defaqto, said: ‘The market seems to be relaxing.It appears there is a feeling they are past the bad old days and they can start taking risks again in the knowledge they will probably get their money back.’Peter Tutton, from debt charity Step Change, said: ‘New evidence of lenders reducing minimum income requirements is likely to make a bad situation worse.’Benefits including jobseekers’ allowance, carers’ allowance and disability living allowance, plus child maintenance payments, are considered as income by some providers.And the savings ratio – disposable income put aside – now stands at 3.3 per cent, the lowest since 1963 – when those records began.Economists warned last night of echoes of the lead-up to the 2008 financial crisis.‘The UK consumer increasingly appears to be living beyond their means,’ said John Hawksworth of accountancy firm Pw C.‘This cannot continue forever as inflation rises further above target over the course of this year, squeezing real earnings.’ Rachel Springall of the Moneyfacts website warned: ‘The temptation to borrow in such a cheap interest environment is so high, and borrowers could easily have their debts get out of control.’Household net borrowing rocketed to more than £11billion in the last three months of 2016.Three quarters of all credit cards now take applications from customers earning nothing.

The credit limit we set is based on the affordability of the product and the applicant’s ability and willingness to pay it back.’Providers including Argos, Capital One, Vanquis, Aqua and Very are also among brands that will consider applications from the unemployed, according to the website uk.In the run-up to the financial crisis, household debt as a proportion of the nation’s total output climbed to 160 per cent.In the great recession which followed it fell to 140 per cent, but Bank of England data shows it is on the rise again.And Barclaycard, the biggest credit card provider, has slashed the salary threshold.Five years ago, 82 credit cards demanded applicants earn at least £10,000 a year. The Office for National Statistics said yesterday that household borrowing has rocketed to its highest level since records began in 1987.