Loan And Credit Debt Increases by 250 Million Every 24 Hours
British borrowers are adding to the countries debt mountain at a rate of almost 1/4 of a billion within every 24-hour period that passes.
New studies reveal that borrowers of loans, credit cards and mortgages are paying a phenomenal 250 million in interest alone to their creditors per day, on a typical per person debt of around £9000.
The study also suggests that each household within the UK, whose residents are identified as being “credit dependant” will pay close to £4000 per year in interest, representing a rise of around 4% faired against the same time last year.
In addition, borrowers who have loans secured against the equity within their homes are having their properties repossessed by lenders at a rate of more than 100 homes per day, and there are approximately 15 people per hour, per day declaring themselves bankrupt or insolvent.
Put into more simple terms, Britain’s general hunger for loans and credit has created an environment where borrowers are repaying almost 100 billion pounds (and rising) in interest alone every single year. It would appear that the doomsday warnings which have surrounded the much publicised credit crunch over recent months, have done little to discourage borrowers from simply doing without. However, financial stresses and strains still remain at the top of the worry list for the vast majority of UK households.
