Total UK personal debt ‘on the increase’

It appears an increasing number of people in Britain are struggling with their finances following the release of new statistics.

Credit Action has …

It appears an increasing number of people in Britain are struggling with their finances following the release of new statistics.

Credit Action has provided the latest debt figures for the UK in the month of May.

The figures revealed total UK personal debt at the end of the period stood at £1.46 billion.

It showed the 12-month growth rate has escalated to 0.9 per cent and indicated consumers now owe a greater sum of money than what the country produces in an entire year.

The study found total lending in May to have risen by £1.5 billion, with secured lending increasing by £1.2 billion in this timeframe.

Total consumer credit lending to individuals reached £220 billion and secured lending on dwellings calculated at £1.241 billion.

According to the Guardian, debt problems in Britain could be exacerbated further still, with news Budget cuts could result in 1.3 million Brits losing their jobs.

By Joe Shervin

track

Tell others:

shortlink

Comments:1

Comments are closed. You can not add new comments.

  1. It has been reported this week that home repossessions are lower this year than last though. Best to be upfront and deal with the real. Debt management is often the best way forwards, at least you can have a plan of action and be helped along the way.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close