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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Personal debt about £1.5 trillion

07/01/2009

The UK’s personal debt stands at around £1.5 trillion, according to the Bank of England (BoE).

Published on 2 January, the latest ‘Lending to Individuals’ figures from the BoE reveal the state of the nation’s personal debt in November.

They show that the total debt stood at £1.456 trillion, having risen by £1.5 billion in November; secured debt stood at £1.2217 trillion, having risen by £0.7 billion in November; and unsecured debt stood at £234.2 billion, having risen by £0.8 billion in November.

Excluding mortgages, this works out at about £10,000 of debt per household – including mortgages, the average household debt is about £60,000.

“Carrying debt can always be risky,” said a spokesperson for Debt Advisers Direct, “but it’s particularly dangerous during times of economic turbulence, when many people find it’s difficult to have confidence in their income. We would advise anyone with debts to seek debt advice sooner, rather than later. They may find a debt solution such as a debt management plan or debt consolidation loan can help them pay off their debts at an affordable rate.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including IVAs (Individual Voluntary Arrangements), debt management plans and debt consolidation loans.

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