New figures have revealed that the total amount of money owed by Britons stood at a staggering £1,460 billion at the end of April, more than what the whole of the UK produces in a year (GDP).
Data from debt charity Credit Action showed that total personal debt in the UK increased by £400 million in April and has more than doubled over the last decade.
According to the figures, the average household currently owes £8,761 excluding mortgages (£57,915 including mortgages). The average amount owed by each UK adult is £30,228 (including home loans ), which represents 126 per cent of average earnings.
Average consumer borrowing on unsecured personal loans, credit cards and overdrafts increased to an average of £4,573 per adult in April.
The Credit Action figures also revealed that interest repayments on personal debt over the last 12 months totalled almost £68 billion, with the average UK household paying interest of £2,695 each year.
Further highlighting the country’s growing debt problem, the Citizens Advice Bureau (CAB) said it is handling nearly 10,000 new debt cases a day from financially troubled Britons.
GBP400m Added To UK Personal Debt In April
Thu, 03 Jun 2010
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