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March 2007 Statistics From Credit Action Show 9.1% increase in personal debt
Credit Action are a national money education charity who collate and publish consumer debt statistics each month. Total UK personal debt at the end of January 2008 stood at £1,412bn. The growth rate increased to 9.1% for the previous 12 months which equates to an increase of ~ £113bn.
Total secured lending on homes at the end of January 2008 stood at £1,187bn. This has increased 9.7% in the last 12 months.
Total consumer credit lending to individuals in January 2008 was £225bn. This has increased 5.9% in the last 12 months.
Total lending in January 2008 grew by £8.4bn. Secured lending grew by £7.4bn in the month. Consumer credit lending grew by £0.9bn.
Average household debt in the UK is ~ £9,052 (excluding mortgages). This figure increases to £21,051 if the average is based on the number of households who actually have some form of unsecured debt. This clear proof the debt management problems facing UK consumers.
Average household debt in the UK is ~ £56,708 (including mortgages).
Average owed by every UK adult is ~ £29,747 (including mortgages).
Average outstanding mortgage for the 11.8m households who currently have mortgages now stands at ~ £100,485.
Two fifths of mortgagors have secured debts of over £90,000, up from one fifth in 2004.
Britain’s interest repayments have soared to £93.9bn in the last 12months which is an annual increase of 13.2%. The average interest paid by each household on their total debt is approximately £3,775 each year which has increased £440 in the last 12 months.
For full report see
http://www.creditaction.org.uk/debt-statistics.html
