The UK’s overall personal debt management burden has been swelled by close to Â£120 billion over the course of the past 12 months, according to recently compiled data.
Figures from the Credit Action charity show that consumers around the UK now owe a collective total in excess of Â£1,400 billion.
The typical British household now owes more than Â£56,500 and almost Â£9,000 excluding mortgage loan arrears, the organisation reports.
“Britain’s interest repayments have soared to a record Â£94.6bn in the last 12months which is an annual increase of 15.10 per cent,” a statement from Credit Action explained.
“The average interest paid by each household on their total debt is approximately Â£3,800 each year which has increased Â£500 in the last 12 months.”
Furthermore, the latest research has shown that for the first time the average outstanding mortgage debt in the UK is worth over Â£100,000.
Earlier this month, the Consumer Credit Counselling Service announced that it is to open a number of new facilities around the UK in an effort to provide help to people struggling to become debt free.