Latest debt figures from Credit Action reveal that the total owed by UK citizens stands at a hefty £1,460 billion, representing a growth of 0.8% year-on-year. More sobering is the statistic that the gross national product for one year is less than the total amount owed by private individuals.
In April 2010, total lending rose by £0.4 billion and secured lending expanded by £0.5 billion in the month; the total borrowings secured on properties at the end of April stood at £1,239 billion.
Consumer credit borrowed by individuals was £221 billion, representing a decrease of £0.1 billion and a fall in the annual consumer credit growth rate of 0.2 to 0.1%.
In the UK the average household is in debt to the tune of £8,761 excluding mortgages – a figure that rises to £57,915 when mortgages are included. If figures are reworked to include those households with an unsecured loan, of whatever form, the average personal debt figure rises to £18,252.
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