Debt mountain grows to £1.46 trillion

Debt mountain grows to £1.46 trillion

Britain’s mountain of debt continues to grow, with the average adult now owing 132% of their typical earnings.

Collectively, UK consumers owe £1.459 trillion, Credit Action revealed this week, equivalent to £30,480 per person.

Personal debt on credit cards, store cards, overdrafts, and unsecured loans is also on the rise, increasing to £4,860 per person during the month of May.

The pace at which debt is increasing has slowed significantly, however, rising by £1 million every 77 minutes in May 2009, compared to £1 million every five minutes in January 2008.

Credit Action’s figures were based on Bank of England data, showing that £300 million more consumer credit was taken out during May than was paid back.

In related news, the Citizen’s Advice Bureau recently launched a campaign to help young people struggling financially escape debt.

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