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Personal debt up £1m every 10 minutes
Published: 05/01/2009 |
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Personal debt has increased by £1 million every ten minutes in 2008, it has been revealed. Debt charity, Credit Action has reported total lending in November increased by £1.5 billion and debt has now exceeded the country's Gross Domestic Product (GDP). It said: "The average interest paid by each household on their total debt is approximately £3,774 each year." The study showed personal debt was up 4.1 per cent in the 12 months to November, to a staggering £1.45 trillion. "Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,893 per average UK adult at the end of November 2008," the charity declared. Most consumers accept borrowing is necessary if they are to afford major purchases, such as motor vehicles and property. However, the government's Debt Advisory Centre has stressed that debt can become overwhelming and "could land you in serious financial trouble".  |
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