The level of personal debt in the UK rose to GBP1,460 billion by the end of March this year, growing by 0.9 per cent over the last 12 months. A report by the national money charity Credit Action has shown that total lending in March increased by GBP600 million, while secured lending rose by GBP300 million and consumer credit lending went up by GBP300 million over the same period.
While total lending in Jan 2008 grew by GBP8.4 billion, it was also reported that the average amount owed by each household in Britain stood at GBP18,324. The average household debt in the UK was also shown to be worryingly high, at about GBP57,950, including mortgages, or about GBP8,796 if mortgages are excluded.
This means that the average owed by every adult in the country is around GBP30,258, including mortgages, which 131 per cent of average earnings. According to the report, the average outstanding mortgage for those currently holding mortgages has reached about GBP111,590.
Total secured lending on dwellings at the end of March 2010 also stood at GBP1,239 billion, while total consumer credit lending was GBP222 billion at the end of March. The annual growth rate of consumer credit was 0.4 per cent.
In addition, personal debt interest repayments stood at GBP67.8 billion over the last year, with the average interest paid on their total debt per household is now approximately GBP2,692 every year.
Personal debt rises dramatically
Wed, 05 May 2010
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