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When the economic troubles really started five years ago, the expression
'credit crunch' started making daily appearances in the press. Worried
about their own future, banks and other lenders became a lot more careful
about lending money.
What that didn't affect was the amount that had already been lent out!
As the Bank of England (BoE) tells us, between January 2000 and November 2012 (the latest month for which figures are available):
- UK residents saw their overall debt rise from £614 billion to £1.420 trillion
- Debt secured against property went from £498 billion to £1.264 trillion
- Unsecured debt (credit card debts, unsecured loans, overdrafts, etc.) increased from £116 billion to £156 billion.
It's one reason the economy's struggling today. With so much debt to repay, people all over the country are finding they don't have much left for discretionary spending in the shops. It's a serious problem that's getting in the way of the 'consumer-led recovery' a lot of economists were hoping for.
On a personal level
Billions and trillions don't always mean a lot to the 'man on the street', but you can always turn to Credit Action's latest debt statistics.
Read More ...
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Last Updated: 19-06-2013