The average UK household debt is almost £60,000, new figures released today show.
Including mortgages, the actual figure stands at £58,040 – according to statistics released by Credit Action – while the amount needing to be paid back by the typical UK adult is £30,306.
Without taking house repayments into account, the normal family owes £8,939.
If this average includes households who have taken out some type of unsecured loan, then the amount rockets to £18,623.
It means that the total UK personal debt at the end of January can be calculated as £1,463 billion, with a yearly growth of 0.8 per cent.
The report found that every 3.69 minutes somebody is declared bankrupt or insolvent in the UK and every 11.4 minutes a property is repossessed.
Last month, the Consumer Credit Counselling Service warned people not to become too relaxed over their debts and to remain mindful that repayments need to be made.
By Joe Shervin