by editor
26. April 2011 16:25
UK families will continue to feel the squeeze over the next four years, equal to an average debt of £84,000 per family, according to figures published last week.
The Office for Budget Responsibility (OBR) revealed that by 2015, total household debt such as mortgages, loans, and credit cards will hit an all-time high of £2,126 billion.
The findings come after the OBR upgraded its forecast household debt last month from £1,823 billion in 2015 by £303 billion.
The OBR identified the government’s austerity drive as being partly to blame, which included a list of tax rises and benefit cuts that came into effect earlier this month.
If you are in a position where you are finding your debts increasing rather than lowering month-on-month you might want to consider taking action such as seeking debt advice to help prevent your debts from spiralling out of control.