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Tighter lending fails to stop growing debt problems

02/05/2008

The UK`s personal debt problems have continued to grow despite tightening lending conditions due to the global credit crunch, new research has revealed.

According to figures from Credit Action, the UK`s total personal debt stood at £1.43 trillion at the end of March, up £9 million on the previous month`s figures.

During the last year, that total has increased by 8.7 per cent, which equates to a rise of £113 billion.

Meanwhile, total secured lending on homes increased by 9.1 per cent in the year to the end of March to a total of £1.2 trillion.

As a result of the growing trend of lending, the average household debt in the UK reached £9,216 excluding mortgages at the end of March, while that figure increases to £57,420 when mortgages are included.

Credit Action is a national financial education charity.

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