Personal Debt In The UK Continues To Grow

Mon, 03 Sep 2007

Total personal debt in the UK has increased to £1.355 trillion in July, new research has revealed.

According to new figures published by charity Credit Action, debt in the UK has increased by 10.1 per cent over the last 12 months, with people borrowing heavily through credit cards, mortgages and personal loans .

In July, total consumer credit lending to individuals jumped by 5.3 per cent (from last year’s figures) to £214 billion – resulting in typical households in the UK owing £8,856 (excluding mortgages) .

Brits, on average, borrow £4,515 each year through credit cards, motor and retail finance deals, overdrafts and unsecured personal loans .

James Falla, managing director of debt consultancy Thomas Charles, recently spoke about the importance of people in debt receiving advice as soon as possible.

He explained: "Ultimately, if you are in a debt problem then you are going to have to make some difficult decisions, but it's always good to do that with somebody you feel comfortable with."
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