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Personal debt about £1.5 trillion

07/01/2009

The UK’s personal debt stands at around £1.5 trillion, according to the Bank of England (BoE).

Published on 2 January, the latest ‘Lending to Individuals’ figures from the BoE reveal the state of the nation’s personal debt in November.

They show that the total debt stood at £1.456 trillion, having risen by £1.5 billion in November; secured debt stood at £1.2217 trillion, having risen by £0.7 billion in November; and unsecured debt stood at £234.2 billion, having risen by £0.8 billion in November.

Excluding mortgages, this works out at about £10,000 of debt per household – including mortgages, the average household debt is about £60,000.

“Carrying debt can always be risky,” said a spokesperson for Debt Advisers Direct, “but it’s particularly dangerous during times of economic turbulence, when many people find it’s difficult to have confidence in their income. We would advise anyone with debts to seek debt advice sooner, rather than later. They may find a debt solution such as a debt management plan or debt consolidation loan can help them pay off their debts at an affordable rate.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including IVAs (Individual Voluntary Arrangements), debt management plans and debt consolidation loans.

Energy firms `not refunding overpayments automatically` 01/07/2009 - A new report by consumer group Which? has claimed that Average household £7 a week richer but debt levels remain high 01/07/2009 - During May, a typical household had £164 a week left Consumers `cutting back on credit card debt` 01/07/2009 - Many UK consumers are cutting back on the amount of Mortgage debt often greater than house value 01/07/2009 - According to the latest findings from global rating agency Fitch,