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Family debt is going up again, warns charity

Posted by hannah on 16/04/2012

Family of 2 adults and 2 childrenHousehold debt seems to have started rising again after a trend of falling for several months, according to the latest statistics from money education charity Credit Action.

Average household debt, including mortgages, soared by £41 to £56,058 in February after another massive £53 surge to £56,017 in January that wiped out half of the decrease of £18 a month between February and December last year.

Credit Action takes the pulse of debt in the UK every month by analysing Bank of England figures, and also revealed:

• Average household debt (including mortgages) rose by £41 to £56,058 while average household debt (excluding mortgages) fell by £3 to £8,002

• Total personal borrowing was £1.457 trillion - up from £1.452 trillion a year earlier.  This figure is almost the total of the UK’s entire economic output for 2011

• The consumer borrowing per adult was £4,235 in February, a fall of £2 from January

• Consumer credit, like overdrafts, credit card balances and personal loans, stood at £208 billion at the end of February 2012

• Daily purchases with plastic cards increased to £1.361 million during January, while £172 million of interest on personal debt was paid every day in February

• 855,000 people have been unemployed for over a year

• 318 people are declared insolvent or bankrupt every day

• £16.23 of loans are written-off daily by banks and building societies, while a home is repossessed every 15 minutes

• Filling a 50 litre tank with unleaded petrol costs £69.25

• The average amount owed per UK adult, including mortgages, was £29,671 in February, which amounts to around 123% of average earnings

Credit Action CEO Michelle Highman said: "Before January, we'd witnessed an encouraging long-term trend of falling average household debt. Unfortunately, since then it seems to have stalled. These developments show the importance of staying on top of your money."

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