Debt Advisers Direct is a trading style of Freeman Jones and part of the Think Money Group. We have over 15 years' experience helping people in debt and won numerous awards.
The UK`s personal debt problems have continued to increase, despite the effects of the recent credit crunch beginning to bite, according to a new study.
Research from Credit Action found that consumers across the country owed a total of £1,421 billion at the end of February - up £111 billion, or 8.9 per cent, over the previous 12 months.
Furthermore, despite many lenders cutting back on the easy accessibility of credit, the total consumer credit lent to individuals in February was £227 billion, a year-on-year increase of 6.6 per cent.
The study found that the UK`s personal debt total swells by £1 million every five minutes, while the average household debt increases by £12.22 every day.
Meanwhile, the average UK consumer owed £4,774 on personal loans, credit card bills and overdrafts at the end of February.
Credit Action is a national financial education charity.
