UK’s personal debt ‘up 10% since last year’

Collectively British consumers owed around £1,345 billion at the end of June 2007 and excluding mortgage arrears the average UK household has close to £8,840 in outstanding debts.

Additionally, more than 5,000 British adults now approach Citizens Advice about debt every day and a total of £217 billion was borrowed as consumer credit in June of this year alone, Credit Action has revealed.

The national charity also reports that the personal debt management burden is increasing in the UK by close to £1 million every minute, despite the cost of borrowing standing at a six-year high.

Figures from Citizens Advice show that more than 1.4 million people across the UK turned to its staff for debt advice over the course of last year.

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