Total UK debt grows

30 September 2009

The latest figures regarding UK debt have been released, with Brits owing a total of £1,457 billion at the end of August.

According to the Credit Action figures, this equates to a year-on-year growth rate of 0.8 per cent.

The statistics also show that total lending last month increased by £700 million, while secured borrowing rose by £1 billion.

However, consumer credit loans fell by £300 million to £230 billion - bringing the annual growth rate of this type of loan to 0.7 per cent.

The data revealed the average UK household owes £58,290, including their mortgages.

With home loans taken out of the equation, British families typically owe around £9,180, rising to £21,355 when including those with unsecured loans.

Earlier this month, Credit Action called for action to eliminate loan sharks and help Brits get out of debt.

It said educating consumers on sound financial management could help reduce the scale of the problem in the UK.

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