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Britain`s personal debt problems mount up

2 June 2008

The UK`s personal debt problems have continued to pile up to reach new record figures, it has been revealed.

According to figures compiled by Credit Action, the total UK personal debt stood at £1.43 trillion at the end of March this year - an increase of £113 billion, or 8.7 per cent, over the past 12 months.

The data found that the average household in Britain now owes £9,216 in credit card bills and overdrafts, excluding mortgages. That figure leaps to £57,420 when mortgages are taken into account.

Meanwhile, despite reports of a slowing housing and mortgage market, the total secured lending on homes increased by 9.1 per cent in the year to the end of March to £1.2 trillion.

Two-fifths of those with a mortgage have secured debts in excess of £90,000 - up from just one-fifth in 2004.

Credit Action is a financial education charity.
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