UK’s personal debt level up £120bn in a year

The UK’s overall personal debt management burden has been swelled by close to £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 £1,400 billion.

The typical British household now owes more than £56,500 and almost £9,000 excluding mortgage loan arrears, the organisation reports.

“Britain’s interest repayments have soared to a record £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 £3,800 each year which has increased £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 £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.


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