UK debt rises
Published On 30 April 2008
New figures have indicated that total personal debt in the UK exceeded £1.4 trillion in March.Data released by Credit Action showed that total personal debt in the UK rose to £1.43 trillion in the month, up 8.7 per cent on the same month in 2007.
Excluding mortgages, the average household in the UK now owes £9,216, the figures showed.
What's more, average consumer borrowing on credit cards, motor and retail finance deals, overdrafts and unsecured personal loans rose to £4,835 per adult in March.
A recent report from Monilink suggested that 22 per cent of young people in the country have got into significant amounts of debt by spending more than they can afford in a bid to keep up with wealthier friends.
Two thirds (62 per cent) of the young people questioned revealed they were still paying off credit card debt they built up more than a year ago.
John Milliken, managing director of Monilink, commented: "This study highlights the price younger Britons are willing to pay for peer acceptance. But for many, the price is too high - leading to financial problems."
