Brits Outstanding Debts Exceed Annual Salary

Thu, 28 May 2009

Britons owe more money on average than their annual salary, according to new research which has further highlighted the nation’s growing debt problem .

A study carried out by website Confused.com revealed that for every £1 earned, people are £1.02 in debt on credit cards, loans and mortgages .

The highest debt to income levels were found in the town of Kingston-Upon-Thames, where residents owe 169 per cent of their annual income, due largely to high levels of mortgage debt .

By contrast, people in Manchester were found to be the most frugal, owing 51 per cent of very pound earned in their annual salary .

Levels of mortgage debt per head were found to be the highest in towns along the Thames and into Surrey, with debts per person ranging from £40,516 to £49,562 in places such as Richmond, Putney, Kingston-Upon-Thames and Chiswick .

Surrey was also the worst region for credit card debt, with people in Camberley having an average £2001.62 outstanding on their plastic.

Gemma Stanbury, head of savings and loans at Confused, said: "As we face continued uncertainty and increased financial pressures, it is good advice for all to become more aware of what they are spending and on what. Where spend and debt can be reduced, efforts should be made to ensure it is done."

"If debt problems are spiralling, debt management programmes are available which will allow consolidation of your debts, requiring a fixed monthly payment," she added.
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