A year of excessive personal loan, credit card and mortgage borrowing, has expanded Britain’s collective debt threshold by more than £100 billion.
Recently published figures show that British consumers are now indebted by more than 1.5 trillion pounds, with the average homeowner owing close to £60’000 of which approximately 15% is formed by way of personal loans and credit card debt.
It has also been revealed that interest repayments alone have rose to almost £100 billion in the last year, representing an increase of approximately 15%. As an effect on homeowners with the country, pro rata, each household repaid around £4000 in interest alone last year, which represents a rise of 20%, faired against 2006.
In addition, statistics also show that the average outstanding mortgage balance for UK homeowners runs in excess of £100,000. This is the highest average debt on record for UK mortgage payers, and is also evidence of the dramatic rate in which personal debts have escalated, and the potential problems that such situations may bring.
