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Debt -
Personal debt - 20/05/2008
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Debt in Britain is growing by £1 million every 4 minutes and the average individual owes over £10,000 outside any mortgage commitments.
The average household debt in the UK has reached a staggering £57,420, including mortgages. The average owed by every UK adult is roughly £30,120, also including mortgages.
Total secured lending on homes at the end of March 2008 stood at £1,200bn, a large increase of 9.1% in the last 12 months. Total consumer credit lending to individuals in March 2008 was £230bn. This has also increased 6.7% in the last 12 months.
Interest repayments in the UK have soared to £93.8bn in the last 12months. The average interest paid by each household on their total debt is approximately £3,765 each year. An increase of £340 in the last 12 months.
The average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,713 per average UK adult at the end of December 2007.
The culmination of this means Britain's personal debt is increasing by £1 million every 5 minutes.
It is predicted that today in the UK, consumers will borrow an additional £327m today. Consumers will have to pay £259m in interest today. The average household debt will increase by over £13.15 today and 305 people today will be declared insolvent or bankrupt. Understanding how to manage debt has never been so important to UK consumers as it is today.
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