UK personal debt 'hits £1.44tr'

01/08/2008

New debt figures were issued today by Credit Action.

Total UK personal debt at the end of June 2008 was found by the charity to stand at £1.44 trillion.

The level of secured lending on homes, or in other words, debt which is backed by property was also put at £1.21 trillion - a 7.5 per cent rise in a year.

Total secured lending on homes at the end of June 2008 stood at £1,212bn.

The remaining £232 billion was made up of unsecured credit, which is lent through cards, personal loans and other products.

This figure has increased 6.8 per cent in the last 12 months.

Overall, the average personal debt excluding mortgages for each UK adult stands at £9,309 - a figure which goes up to £58,000 if the home loans are included.

Of this total, consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans stands at £4,900 per adult.

Tags; Housing Debt and Bills, Credit Card Lifestyle,

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