Debt figures show money problems

02/12/2009

New debt analysis has been released by financial charity Credit Action, showing that the amount owed on cards, loans and mortgages has increased over the past year.

According to the report, total personal debts in the UK stood at £1.458 trillion at the end of October 2009, up 0.7 per cent on the 12 months before.

Credit Action also said that the average household owed around £21,210, assuming they had some form of unsecured credit outstanding.

Including mortgages, the typical home had £58,316 in debts - and the typical adult owed £30,208.

The report pointed out that this latter figure is 133 per cent of the average UK annual wage.

Evidence suggests that Britons are continuing to borrow on unsecured credit, despite the debt problems and insecurity over jobs and personal income caused by the recession.

Figures from the Bank of England released earlier this week showed that total credit card borrowing rose by £134 million during October.

Citizens Advice Bureaux are also dealing with 9,300 new debt problems each day.

Tags; Income Worries and Debt, Recent Graduate Debt, Retirement Money Problems, Credit Card Lifestyle,

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