UK adults ‘owe average of £30,470’

The average UK borrower owed £30,470 on products such as home loans at the end of February, new figures have shown.

A report from Credit Action has revealed that the total level of personal debt in the UK stood at £1,458 billion in the month.

It revealed that a typical British household was £59,765 in the red when mortgages are taken into account, while the population’s interest repayments on personal debts topped £72 billion over the past year.

And it found that consumer borrowing on items including credit cards, store finance, overdrafts and personal loans rose to £4,840 for a typical UK adult during February.

In addition, Credit Action noted that one in every 33 workers is set to become unemployed this year, something that could lead to people needing debt help.

Meanwhile, research by Lloyds TSB has discovered that job losses, lack of income and meeting debts are among the top worries of Brits in the wake of the credit crunch.

By Jamie Price

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