… that, according to the latest figures from The Money Charity, at the end of September 2013: Outstanding personal debt in the UK stood at £1,428,000,000,000; The average household owed £54,178 (including mortgages). Put another way, every adult in the UK owed £28,649;
Based on September 2013 trends, total interest on personal debt over a 12-month period would have been £59,600,000,000. In other words UK households pay an average of £2,262 in annual interest payments;
Government borrowing was increasing at the rate of £369,000,000 per day – or £4,272 per second.
Every day in the UK:
285 people are declared insolvent – become bankrupt, obtain a debt relief order or enter an individual voluntary arrangement (IVA) – that’s one person every 5 minutes 3 seconds;
84 properties are repossessed – one property every 17 minutes 4 seconds;
Citizens Advice Bureaux in England and Wales deal with 7,420 new debt problems;
Banks and building societies write off £7,610,000 of loans to individuals.
If you’re struggling with debt, you’re not alone. We can help. We won’t charge for an initial discussion to understand your financial difficulties and describe, in a clear, jargon-free way, the options which may be open to you. Call us for a no obligation conversation.