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Charity reveals shocking statistics on personal debt

Financial capability charity Credit Action has released its latest Debt Statistics, giving an overview of the financial situation in the UK.

Latest figures include:

1 £54,017 – the average household debt (including mortgages);

2 £5998 – the average household debt (excluding mortgages);

3 £166million of interest was paid every day on personal debt;

4 £1.373 billion – the daily value of all plastic card purchases;

5 1454 people were made redundant every day between November;

6 887,000 people unemployed for more than a year;

7 Every 5 minutes 12 seconds someone was declared bankrupt or insolvent;

8 Every 17 minutes 7 seconds a property was repossessed;

9 It cost £69.95 to fill a 50 litre tank with unleaded petrol in March;

10 The Government borrowed an estimated £1157 every second during February.

 

Michelle Highman, Chief Executive of Credit Action said: “These shocking figures demonstrate how important money management really is. But we need to start young.  We believe that financial education is key to arming oneself with the skills, knowledge, attitudes and behaviours to stay on top of  money throughout life. We’ve reached over 50,000 young people so far in this way.”

 

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