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June’s Statistics Reveal a Rise in Personal Debt by £6 billion
Official figures have revealed that the total level of personal debt in Britain was £1,436 billion at the end of April, an increase of £6 billion since the previous month.
These shocking figures highlight why it's more important than ever to seek a solution for your debt problems.
At the end of March the total level of individual debt was just £1,430 billion, and the rate of debt growth for the past 12 months stood at 8.7 per cent. Including April’s figures, this growth rate has fallen slightly to 8.4 per cent or £110 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 April, the total amount of loans secured on properties was £1,207 billion, an 8.7 per cent increase compared to the same time last year. At the end of March the total amount was just £1,200 billion.
The total amount of credit lent to individuals in the UK stood at £230 billion at the end of April – a 6.5 per cent increase over the past year.
At the same time, there was an £7.3 billion increase in lending, with secured loans taken out against homes increasing by £6.4 billion and consumer credit increasing by £0.9 billion.
By the beginning of May the average British household had total debts of £9,223, if mortgages were not taken into account.
Including mortgages, the average British household had £57,240 worth of debts by the end of April, and every British adult owed some £30,120.
For households with mortgages, the average outstanding amount is currently around £102,070.
Over the past year, the total amount of interest repayments in the UK has risen to £94.3 billion. Each household pays annual interest of around £3,790 – a £343-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 £4,840 per adult.
Debt Management News posted on 10 June 2008
