£30k is average owed by every UK adult

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Credit Action has reported that total UK personal debt at the end of November 2009 stood at £1,459 billion. The 12-month growth was 0.7%.

Total lending in November 2009 rose by £1.1 billion secured lending increased by £1.5 billion in the month consumer credit lending fell by a net £0.4 billion (total lending in Jan 2008 grew by £8.4 billion).

Total secured lending on dwellings at the end of November 2009 stood at £1,232 billion. The twelve-month growth rate rose to 0.9%.

Total consumer credit lending to individuals at the end of November 2009 was £227 billion. The annual growth rate of consumer credit continued to fall to – 0.5%.

Average household debt in the UK is £9,016 (excluding mortgages). This figure increases to £18,784 if the average is based on the number of households who actually have some form of unsecured loan. Average household debt in the UK is £57,888 (including mortgages).

If you add to this the December 2009 pre budget report figure for public sector net debt (PSND) expected in 2014-15 (excluding financial interventions) then this figure rises to £116,340 per household.

Average owed by every UK adult is £30,226 (including mortgages). This is 133% of average earnings.

Average outstanding mortgage for the 11.1 million households who currently have mortgages now stands at £110,951.

Britain’s interest repayments on personal debt were £66.1 billion in the last 12months. The average interest paid by each household on their total debt is approximately £2,621 each year. According to PwC the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,708 per average UK adult at the end of November 2009.

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