Latest British debt figures paint a worrying picture
The latest statistics published by the money education charity Credit Action reveal the level of debt in the UK this October.
The Credit Action debt figures are released on a month-by-month frequency and show the key trends and figures related to UK family debt.
"That the October debt statistics show some concerning indicators will come as no great surprise,” said Liz Dunscombe, Director of Project & Partnership Development at Credit Action.
October debt statistics revealed that the average household debt (including mortgages) is £55,822. Furthermore, £29,546 is the average amount actually owed by every UK adult (including mortgages) and £175m is the personal interest paid in UK daily.
Further figures show that £22.54m is the daily write-offs of loans by banks & building societies and that a property is repossessed every 14.6 minutes. £1,278,000,000 is the total value of all purchases made using plastic cards today.
Regarding employment statistics, figures show that there have been recent increases in redundancies and long-term unemployment recently.
There has been a rise in the number of daily redundancies to 1,775 in the 3 months to the end of July and the fact that 849,000 people have been unemployed for more than 12 months now - up 6.4% over the past year – has added extra pressure to British households.
Research shows that the annual growth rate in consumer lending has risen to its highest level since May 2009 – set at 2.3% now.
“With consumer confidence persistently low, this may suggest that people have been forced to borrow more to meet existing commitments over the past year. Moreover, given that daily write offs of loans by banks and building societies increased in Q2 (April to June) 2011 to £22.54m, a worrying picture begins to emerge,” forecasts Credit Action.