Credit Action figures show thousands worth of debt

03/10/2011

Money education charity Credit Action has released its October figures, which show that the average household debt including mortgages stands at £55,822.

The charity noted the annual growth rate of consumer lending has increased by 2.3 per cent and now stands at the highest since May 2009.

Family budgets are further under strain as redundancies and long-term unemployment increased – with 1,775 people losing their job daily.

Around 849,000 have now not been working for more than a year.

Liz Dunscombe, Credit Action’s director of project and partnership development, said: “That the October debt statistics show some concerning indicators will come as no great surprise,” reports Eliminate Debt.

Tags; Current UK Economy, Housing Debt and Bills, Income Worries and Debt, Debt Management and Banking,