Personal debt stats reveal depth of problem
03/03/2010New figures for levels of UK personal debt have shown just how indebted British people are.
Over the course of the year to the end of January 2010, total household debt rose by 0.8 per cent to nearly £1,500bn (£1,463 billion).
£1,237 billion of that figure is mortgage debt, while £225 billion is unsecured borrowing, according to new monthly figures from Credit Action.
That puts the average household in debt to the tune of just under £9,000 (£8,939).
Among families that have unsecured debts of one sort or another, that figure is around £18.5K (£18,623).
The Credit Action report paints a bleak picture of the British public's financial problems, finding that numbers out of work rise by 1,841 every day and that around every 4 (3.69) minutes someone will be declared insolvent or bankrupt.
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