Despite mixed trading figures reported by some high street retailers, latest numbers published today show a growth in spending of 5.9% in November. This would suggest that despite a 0.6% fall in household disposable incomes in the third quarter, the urge to spend remained with shoppers. It would seem that some of this was fuelled by borrowing, as consumer credit grew at an annual rate of 10.8% which implies that consumers are amassing debt on credit and store cards, which may put some into difficulties when repayments become due. However, Samuel Tombs of Pantheon Macroeconomics stated that “the stock of unsecured credit equalled just 14.7 per cent of households’ disposable incomes in the third quarter, well below the peak of 21.2 per cent in 2005”. From these figures, it can be assumed that current consumer borrowing is not in as dire position than it was in 2005 nor in the debt fuelled consumer boom throughout the 1980’s.