UK Debt increases by £10 billion over 2013

February 13, 2014 No Comments

Outstanding overall personal debt in the UK grew to £1.435 trillion by the end of December 2013. This is up from £1.424 trillion at the end of December 2012.

Of that debt, outstanding secured lending stood at £1.277 trillion at the end of December 2013, which was an increase of 10 billion since December the previous year.

This meant that by the end of 2013 average household debt, including mortgages, now sat at £54,332.

These statistics on debt were recently released by The Money Charity, an organisation designed to help educate people on how to stay on top of their incomes as part of their everyday life.

The statistics also showed that the average debt owed per UK adult, once again including mortgages, was £28,599. This equated to about 115 per cent of average earnings.

However, not including mortgages, the number did decrease to £5,989, which was down from £6,009 in November, which clearly demonstrated a move in the right direction.

Other notable statistics included stated that in the UK:

–    285 people are declared bankrupt or insolvent everyday in the UK (based on trends in the third quarter). This equates to one person every five minutes three seconds.

–    79 properties are repossessed everyday (also based on Q3 trends).

*article from debtmanagementtoday.co.uk