Abacus Daily Debt News

‘Scary’ debt statistics released

Debt statistics for November have been released by financial charity Credit Action, revealing that repossessions occur every 11.5 minutes.

Furthermore, it was shown that while the average household debt - including mortgages - stands at £58,340, one person every 3.97 minutes declares themselves bankrupt or insolvent. So debt management is clearly an issue for many familes.

In addition, 2,553 people are made redundant every day, suggesting that the personal debt problems in the UK are only getting worse.

It was also shown that, with the numbers of new enquiries regarding debt issues to Citizen’s Advice rising by 9,300 each day, the British public are unable to prevent their situations from worsening, with £182 million in interest paid in the country on a daily basis.

Last month, it emerged that Citizens Advice bureaux in East Staffordshire had seen the amount of debt problems almost triple in the last three years, rising from £7.7 million in 2005-6 to £25 million for the past 12 months.

By Sarah Adie