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Total UK personal debt continues to rise

7 January 2008

Consumers in the UK are still failing to control their debt problems as new figures show the total personal debt in the country reached new record levels in November.

Britons owed a total of £1.4 trillion at the end of November, an increase of 9.5 per cent on the previous 12 months, statistics from Credit Action show.

This increase equates to a £1 million increase in debt on mortgages, credit cards and overdrafts every five minutes.

The average household now owes £56,254 including mortgages, with approximately £8,956 owed in the form of overdrafts and unsecured personal loans. Interest repayments across the UK have risen by over 17 per cent in the last 12 months.

Credit Action is a national money education charity which was founded in 1994.

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