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UK personal debt `highest ever`
4 September 2007
British consumers have more personal debt than ever before, new statistics from Credit Action show.
Total UK personal debt stood at £1,355 billion in July, a rise of 10.1 per cent over the previous 12 months and an increase of £10 billion on the figures for June.
Despite rising interest rates and an uncertain financial market, the amount lent in mortgages reached £1,140 billion in July, a rise of 11 per cent over the last year. The average UK personal debt now stands at £8,856, excluding mortgages.
The figures also show that Britain`s personal debt increases by £1 million every four minutes while more than 7,716 loan repayments are going unpaid each day.
Last month, the Council of Mortgage Lenders released figures which stated that mortgage lending reached a new high in July, with £34.4 billion lent to homeowners during the month.
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