Personal debt increases
Published On 30 November 2007
The rate that the UK's personal debt is growing increased to 9.7 per cent over the course of the last year, new figures have revealed.According to CreditAction, the 12 months to October saw the total amount of personal debt owed nationwide grow by £122 billion to £1.391 trillion.
The report also showed that secured lending on property for the period rose 10.5 per cent, totalling £1.169 billion.
On average, each household owes £8,920, not including their mortgage debt. Including mortgages, average household debt is now £55,877.
CreditAction forecast that today, Britons will get £335 million further into debt, with each household increasing their debt by an average of £13.45p.
Some £526 million will be withdrawn from ATMs today, while over 7,716 loan repayments are missed each day.
