Debt problems? You're not alone

Do you have debt problems? You're not alone. A Credit Action report on the latest available facts about debt, spending and personal insolvencies in the UK reveals that there are hundreds of thousands of people with these kind of problems.

The good news is that the number of people struggling with debt in Q3 2013 was a little better than 2012.

Some of the 2012 facts were:

  • The equivalent of 307 people went insolvent every day during July to September last year, in England and Wales.*
  • The equivalent of 90 properties a day were taken into possession during July to September last year. This is the lowest number in a three-month period since 2007.
  • Over the same three months, 303,200 mortgage loan accounts were in arrears of over 1.5% of the balance.
  • Average household (unsecured) debt in the UK was £5,914 in November 2012. Including mortgages, average household debt in the UK was £53,867 that month.

A spokesperson for debt management company Gregory Pennington commented: "There are hundreds of thousands of people with debt problems, and many individuals went insolvent last year. However, insolvency can be a positive step and a practical solution to a debt problem that got out of hand.

"We recommend that anyone in arrears on their credit agreements speaks to a debt expert about their situation. It doesn't necessarily mean you'll have to go insolvent. A debt expert will be able to explain the options that are available."

*According to the Insolvency Service there were 28,602 individual insolvencies during the third quarter of 2013.

Further Reading:

Lucy Bower

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