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May Debt Data Shows UK Personal Debt Rising

May Debt Data Shows UK Personal Debt Rising Official figures this month have revealed that the total level of personal debt in Britain was £1,430 billion at the end of March - an increase of £9 billion since the previous month.

At the end of February the total level of individual debt was just £1,421 billion, and the rate of debt growth for the past 12 months stood at 8.9 per cent. Including March’s figures, this growth rate now stands at 8.7 per cent or £113 billion over the year.


The colossal sums involved mean that Britain’s total level of personal debt is increasing by £1 million every five minutes.

By the end of March, the total amount of loans secured on properties was £1,200 billion - a 9.1 per cent increase compared to the same time last year. At the end of February the total amount was just £1,194 billion.

The total amount of credit lent to individuals in the UK stood at £230 billion at the end of March - a 6.7 per cent increase over the past year.

At the same time, there was an £8.2 billion increase in lending, with secured loans on homes increasing by £6.9 billion and consumer credit increasing by £1.2 billion.

By the beginning of April, the average British household had total debts of £9,216 (if mortgages were not taken into account).


Including mortgages, the average British household had £57,240 worth of debts by the end of March, and every British adult owed some £30,120.

For households with mortgages, the average outstanding amount is currently around £101,350.

Over the past year, the total amount of interest repayments in the UK has risen to £93.8 billion. Each household pays annual interest of around £3,765 - a £340 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 £4,835 per adult.

Debt Management News posted on 02 May 2008

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