A day in the life of debt in Britain

If you are having problems in repaying your loans and credit card debts, you are part of an ever growing group. Britain’s personal debt is increasing by £1 million every 4 minutes.

• Consumers will borrow another £322,000,000
• The average household debt will increase by over £13. Currently this stands at around £9000.
• The Citizens Advice Bordeaux’s up and down the land with attempt to handle over 6000 debt or non bill payment enquiries.
• 77 properties will be repossessed.
• 2,750 County Court Judgements will be issued for the non payments of debts, council tax arrears, etc
• 317 people will be declared insolvent, either by an IVA or Bankruptcy.
• Over £1 billion in mortgages will be issued to homeowners.
• £1.4 billion will be spent on credit and debit cards.

These figures are complied by Credit Action.

Credit Action is a national UK money education charity which was founded in 1994.

Credit Action state their aim is to “help people manage their money well and thus avoid the problems of over-indebtedness and poverty by equipping people with knowledge and skills in key areas such as budgeting, borrowing and saving”.

Each month Credit Action the release new Debt Statistics that are widely quoted in the media.

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