One Bankruptcy every minute in the UK - Latest Debt statistics

The latest UK debt statistics have revealed recently some startling facts that underline the critical state of the UK debt situation.

According to the statistics, an individual owes 122 percent of his average earnings. At the end of October 2011, the total amount of UK personal debt was whooping £1,451bn.

The total secured lending on dwellings was calculated to be £1,243bn at the October end while total borrowings on the consumer credit of the individuals stood at £208bn at the end of the quarter in October 2011.

This way the net lending at the end of October 2011 was £1.3bn more as compared to that in the last quarter.

In the UK, the average household debt is £7,984, if we don’t include the mortgages. But if we include mortgages into it, this figure rises to £55,808.

The interest repayments by each Briton on their personal debt in the last one year were £63.5 bn. Each household is paying an average interest of approximately £2,441 every year.

The debt situation in the UK is thus really very critical. It’s estimated that every day 331 UK citizens will file for insolvency throughout the year.
It means as on average one person will be declared bankrupt in every one minute in the UK. In the third quarter of 2011 only, more than 100 properties were being repossessed every day.

Every day hundreds of mortgage possession claims are issued and all these stresses upon the critical debt conditions that the UK economy is heading.

Post a comment