Debt Management News
Reigns tighten, but debt continues to grow
2nd May 2008
Tighter lending conditions – due to the global credit crunch – have failed to stop the growth of the UK’s personal debt problems, new research has revealed
Credit Action logs the UK’s total personal debt at £1.43 trillion as of the end of March. This is a rise of £9 million on the previous month, and a rise of £113 million (8.7%) during the last year.
A 9.1% increase over the year brought the total secured lending on homes to £1.2 trillion.
At the end of March 2008, the average household debt including mortgages had risen to £57,420, and £9,216 excluding mortgages.
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