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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Britain is Maxed Out!
Britain’s personal debt is increasing by one million pounds every four minutes - an astounding figure. At the beginning of May 2007 UK personal debt stood at £1,325 billion, an increase of 10.4% from the same period the previous year.
Secured lending on property now stands at the beginning of June 2007 at £1,112bn - an increase of 11.4% from the same time twelve months ago with total consumer credit now standing at £213bn, an increase of 5.4% from twelve months ago. Average household debt excluding mortgages is £8,816 and £54,771 including mortgages. The average outstanding mortgage amount for the 11.6m who have a mortgage is £95,871, with the average interest paid by each household standing at £3,542.
Borrowing for consumers via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,537 per adult.
These statistics are fascinating, but so are these interesting figures.
Today…
- Consumers will borrow an additional £313m.
- The average household debt will increase by over £13.
- Three hundred and thirty people will be declared insolvent or bankrupt.
- Bank and building societies will hand out £1bn in mortgages.
- Citizen Advice Bureaus will deal with five thousand, three hundred debt problems.
- The average car will cost £15 to run.
- The average home will cost £30 to run.
- The price of a typical house will increase by £46.
- Over twenty four million transactions worth £1.3bn will be spent on plastic cards.
- £82m will be spent online.
- One third of all groceries we buy will end up in the dustbin.
- Raising a child to the age of twenty-one will now set you back £23.50 per day.
Consolidate existing
debt into one lump sum is often a solution for many who find themselves in financial difficulty, at the same time others may prefer to release the equity in their property with a
secured loan to pay back any high interest rate loans that they may have.
If you are looking for some free financial advice,
The Debt Line can help. We specialise in
debt management,
debt consolidation and
IVAs.
Created on 28/06/2007 13:14:34
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