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Bad Times: News Says UK’s Personal Debt Tops £1,443bn

Bad Times News Says UK’s Personal Debt Tops £1,443bn Official figures have revealed that the total level of personal debt in Britain was £1,443 billion at the end of May, an increase of £7 billion since the previous month.

At the end of April the total level of individual debt was £1,436 billion, and the rate of debt growth for the past 12 months stood at 8.4 per cent, including March’s figures. This growth rate has fallen slightly to 8 per cent or £107 billion over the year.

This means that Britain’s total level of personal debt is increasing by £1 million every five minutes!

By the end of May, the total amount of secured loans on properties was £1,210 billion, an 8.2 per cent increase compared to the same time last year. At the end of April the total amount was £1,207 billion.

The total amount of credit lent to individuals in the UK stood at £233 billion at the end of May, a 7 per cent increase over the past year.

At the same time, there was an £5.4 billion increase in lending, with secured loans on homes increasing by £4.1 billion and consumer credit increasing by £1.4 billion.

By the beginning of June, the average British household had total debts of £9,341 if mortgages were not taken into account.

Including mortgages, the average British household had £57,941 worth of debts by the end of May, and every British adult owed some £30,394.

For households with mortgages, the average outstanding amount is currently around £102,554.

Over the past year, the total amount of interest repayments in the UK has fallen slightly to £94 billion. Each household pays annual interest of around £3,774 - a £300 increase since the same time last year.

Personal credit through motor and retail loans, overdrafts, unsecured personal loans and credit cards has increased to around £4,900 per adult.

Loan News posted on 25 July 2008

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