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UK personal debt reaches almost £1.5 billion
Total personal debt in the UK stood at £1,452 billion in April, figures from Credit Action show, highlighting the fact that consumers still rely on loans and credit cards to make their way.
Per household, the average debt is £8,121, excluding mortgages, while this figure rises to £15,618 with people with unsecured loans.
What's more, banks wrote off £9.5 billion of loans to customers in the four quarters to the end of March this year as the Citizen Advice Bureau dealt with nearly 10,000 new debt problems every working day.
Therapist and wellbeing coach Dan Roberts advised people in debt who may be refused credit in the future not to bury their heads in the sand.
"Get in touch with one of the debt management charities, [be] practical and take steps to deal with it," he said.
"Anything you can do that's practical, even if that's coming to an arrangement with your creditors and paying off a certain amount each month. Taking control of the situation is vital to feel better about it."
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Per household, the average debt is £8,121, excluding mortgages, while this figure rises to £15,618 with people with unsecured loans.
What's more, banks wrote off £9.5 billion of loans to customers in the four quarters to the end of March this year as the Citizen Advice Bureau dealt with nearly 10,000 new debt problems every working day.
Therapist and wellbeing coach Dan Roberts advised people in debt who may be refused credit in the future not to bury their heads in the sand.
"Get in touch with one of the debt management charities, [be] practical and take steps to deal with it," he said.
"Anything you can do that's practical, even if that's coming to an arrangement with your creditors and paying off a certain amount each month. Taking control of the situation is vital to feel better about it."
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Published: 06/06/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.