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The Bank said consumer credit grew by £1.837bn, up from £1.599bn in May.
In Asia, demand for credit grew, nudging the volume of loans up 10 percent for the quarter.
The last time consumer credit grew at a faster annual pace was in February 2006, long before the credit crunch.
Consumer credit grew by £457 million in October, halving from a £1.1 billion rise the previous month.
The Bank said consumer credit grew by £1.173bn in July, down slightly from a £1.23bn rise in June.
As the use of consumer credit grew and populations became more mobile, businesses turned to credit bureaus for information regarding decisions on whether to grant credit.
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Such inventiveness has helped consumer credit grow quickly.
The cap would also be indexed to ensure the size of the credit grows with inflation.
In 2007 Dick Fuld, the former head of Lehman Brothers, observed that whereas credit grows arithmetically, it shrinks geometrically.
The scandal has underscored how South American countries — including Chile and Brazil, two of the region's healthiest economies — are going through growing pains as the use of credit grows.
Yet Rodrigo Rato, Spain's finance minister, said this week that, with credit growing by 13% a year in his country, a rate cut would be "not so great".
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