Personal debt is on the increase in the UK. According to the latest figures from Credit Action over the last 12 months debt has increased by £113 billion of 8.7% reaching £1,430 billion at the end of March.
Total secured lending on homes at the end of March reached £1,200 billion, 9.1% more than last year. Consumer credit lending to individuals totalled £230 billion an increase of 6.7% above last year.
The average household debt in the UK excluding mortgages is around £9,216. This increases to £21,433 if the average is based on the number of households who have some form of unsecured loan. Including mortgages the average household debt is £57,420. The average outstanding mortgage for the 11.8 million households who currently have mortgages now stands at £101,530.
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