Average Household Debt In Britain Rises To GBP60k

Fri, 13 Mar 2009

The average household in Britain is currently a staggering £60,000 in debt, latest statistics have revealed.

According to figures published by the debt charity Credit Action, average household debt has risen to £60,000 as Britons increasingly struggle to manage their personal finances .

The data also showed that one Briton is declared bankrupt or insolvent every four-and-a-half minutes, while borrowers pay close to £210 million in daily interest on their loans, mortgages, credit cards, etc.

Britain's overall level of personal debt has eased slightly according to Credit Action, currently standing at around £1.5 trillion.

However, Chris Eagle, commercial manager of CreditChoices.co.uk, warned that this does not necessarily signal an improvement in the UK's economic situation.

He explained: "The fact that the growth of UK personal debt is slowing could be seen as a positive, but unfortunately rather than suggesting people are paying back more of their debt, it reflects the lack of credit that's currently available."
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