Brits Rack Up GBP1.46tr Debt Through Personal Borrowing

Wed, 10 Feb 2010

New research by the National Audit Office has revealed that Brits owe nearly £1.5 trillion through personal loans, credit cards and other financial products .

A report from the NAO showed that British consumers had £1.46 trillion of outstanding debt at the end of November 2009, with personal borrowing representing 160 per cent of the average household’s annual pre-tax income.

It also revealed that debt advisors at the Department for Business, Innovation and Skills helped some 270,000 people with their debt problems between April 2006 and September 2009.

The majority of these were struggling to meet repayments on personal loans and other forms of borrowing .

Amyas Morse, head of the National Audit Office, said: "Many people are able to manage their debt, but for some the problems may seem insurmountable."

She warned that demand for debt advice is "outstripping capacity".

Commenting on the findings, consumer minister Kevin Brennan said it is important that people who are struggling with debt seek immediate help.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Credit Crunch Savers
HSA Dental Plan
Get covered from £7.70 per month!
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company