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<a href="http://www.moneydebtandcredit.com"><img src="http://www.moneydebtandcredit.com/images/debtinfo/MoneyDebtCreditInfo-June2011.jpg" alt="The Story of UK Debt June 2011" 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 state of money in the UK - A status update for June 2011
Over the last six months, the UK has witnessed a slight fall in its total personal debt, providing positive reading for members of the public.
So what exactly caused this fall?
Increased awareness of debt management plans, stringent bank lending policies and interest rates remaining at 0.5% are all contributing factors to a positive decline in the figure.
However, with a rise in mortgage interest rates forecasted, individuals need to be cautious of higher monthly payments and better prepared in order to meet their future expenditures.
Total personal debt in the UK £1,452bn
The level of debt in the UK is still very high. Individuals currently owe nearly as much as the entire country produced during the whole of 2010.
UK banks and building societies wrote off £9.5bn of loans to individuals in the 4 quarters to end Q1 2011. In Q1 2011 they wrote off £1.89bn (£866m of that was credit card debt). This amounts to a write-off of £20.71m a day.
£8,121 The average UK household debt
This figure increased to £55,854 if you include mortgages
Every 14 minutes - A property is repossessed
1,384 People are made redundant daily with 850,000 people unemployed for more than 12 months
£1,156,000,000 Total value of all purchases made on credit cards today
Average cost to fill a car with a 50 litre tank with unleaded petrol £68.45
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.