Britain`s personal debt problems mount up
2 June 2008
The UK`s personal debt problems have continued to pile up to reach new record figures, it has been revealed.According to figures compiled by Credit Action, the total UK personal debt stood at £1.43 trillion at the end of March this year - an increase of £113 billion, or 8.7 per cent, over the past 12 months.
The data found that the average household in Britain now owes £9,216 in credit card bills and overdrafts, excluding mortgages. That figure leaps to £57,420 when mortgages are taken into account.
Meanwhile, despite reports of a slowing housing and mortgage market, the total secured lending on homes increased by 9.1 per cent in the year to the end of March to £1.2 trillion.
Two-fifths of those with a mortgage have secured debts in excess of £90,000 - up from just one-fifth in 2004.
Credit Action is a financial education charity.
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