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mpc: 12 Growth in the monetary aggregates had remained rapid in January, although the rates had been decreasing a little in recent months. Secured lending growth had also eased but unsecured lending growth remained stable and strong. It was possible that a fall in the relative cost of unsecured compared with secured debt had encouraged some switching between the two, including by property owners ­ for example, some lenders were prepared to take account of collateral in assessing creditworthiness without actually taking security over it. Nonetheless, continuing rapid unsecured debt growth was likely to increase the vulnerability of some consumers to future shocks.