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The debt of the average household increases by at least £12.45 every day, new figures have revealed.
According to research by Credit Action, the total UK personal debt has hit record highs for the fourth month in a row - totalling £1,412 billion at the end of January. It has increased by £113 billion in the last 12 months.
As debt problems have increased, the total lending across the country has not slowed down. In January, £225 billion was lent in personal loans, mortgages and on credit cards - an increase of 5.9 per cent over the last year.
The average consumer now owes at least £4,748 on credit card statements, overdrafts and personal loans and the UK`s personal debt is increasing by £1 million every five minutes as consumers carry on spending.
