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

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  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.