16 May 2012
Average household debt rose for the second time in three months
Credit Action’s May Debt Statistics reveal that average household debt rose for the second time in three months, suggesting growth in unsecured debt levels is becoming entrenched.
Prior to the start of 2012, unsecured debt levels had declined in every single month since January 2010. However, latest available data shows that average household debt (excluding mortgages) rose by £34 in January 2012, and after a slight decline in February, increased again by £19 in March.
The report gave a number of other statistics related to household debt:
- Average household debt (excluding mortgages) rose by £19 to £7,903 while average household debt (including mortgages) rose by £52 to £55,436.
- Outstanding personal debt in March was £1.458 trillion (up from £1.451 trillion in March 2011). This is almost as much as the annual GDP during 2011.
- The consumer borrowing per UK adult was £4,231 in March, a rise of £10 from February.
- £172m of interest on personal debt was paid every day in March.
- CAB deal with 8,518 new debt problems each working day.
- 883,000 people have been unemployed for over a year.
To view the full debt statistics click here