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<a href="http://www.moneydebtandcredit.com"><img src="http://www.moneydebtandcredit.com/images/debtinfo/ukdebtproblem-q42010.jpg" alt="The Story of UK Debt Q4 2010" width="800" /></a><p style="margin:6px 0 12px; text-align:center; width:800px; font-family:Arial, Helvetica, sans-serif; font-size:10px;">Infographic by <a href="http://www.moneydebtandcredit.com">Money Debt & Credit</a></p>
The True Story of Debt in the UK
The forecast for the average person in the UK is looking pretty bleak when it comes to debt levels. With Christmas bills now dropping onto the doormat, the recent rise in VAT and inflation soaring at the same time as benefits being cut across the board, many Brits are finding it harder and harder to cope.
With interest rates predicted to rise this year, many consumers could find themselves facing higher monthly payments at a time when they are struggling to meet their existing outgoings.
Total personal debt in the UK - £1,454bn
Individuals owe more in personal debt than the country's annual output
As a country we owe more in personal debt than we produce in economic output as a whole.
The future impact of this on the UK is yet to manifest and there are many predictions as to how it will unfold. This report aims to reveal the true state of personal debt in the UK.
£29,875 - The average owed by UK adults
Even more frightening is that the average person already on a debt management plan has unsecured debts to the value of £17,857, with 19% owing more than £30,000 on credit cards, personal loans, overdrafts, store cards and catalogues.
£57,706 - The average UK household debt
The average household pays out over £2,582 in interest every year.
46% of personal debt is on Credit Cards
What is the make up of the type of personal debt for the average citizen in the UK?
Credit Cards 52% Personal Loan 36% Overdraft 3% Catalogue 2% Store Card 2% HP/Secured Loans 2% Other 6%
£2.73 is saved by the average person every day
7.9 million cash withdrawals every day with a value of £530 million
372 people a day will be declared insolvent or bankrupt. That equates to 1 person every 4 minutes
For those who are struggling with debt, seeking help as soon as possible can stop their finances from spiralling out of control and may also provide people with more options with which to tackle their debt.
References
- We would like to thank Credit Action for their help with core statistics.