Latest Debt News
Consumer debt reaches £1.2 trillion
15/03/2006 17:31:00
Britons owe a total of £1.2 trillion in debt, which is the new all-time high as more and more people slide into financial instability.
The independent market analyst Datamonitor claims that the average Briton now owes £4,021 in unsecured personal debt, which is a 33.5 per cent increase compared to 2001.
It is estimated that of the £1.2 trillion debt, 17 per cent is unsecured – totalling £0.19 trillion.
"As a result of increased indebtedness and lenders adopting a more precautionary approach to lending, consumers with a less than good credit history may find it more difficult to get access to cheap credit," said Karina Purang, financial analyst at Datamonitor.
The news coincides with predictions that some 100,000 people across the UK will declare themselves bankrupt this year, as they are unable to meet their debt repayments.
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