Debt payments down in November

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Debt payments down in November

Fri 4th Nov 2011

The level of interest Brits are being charged on their debts fell slightly in November, new data has revealed.

According to the latest figures from Credit Action, UK households paid total interest of £174 million per day this month - down from £175 million in October.

It also showed average household debt (including mortgages) now stands at £55,795, while the average amount owed by every UK adult on average now amounts to £29,532.

Keith Tondeur OBE, president of Credit Action, commented: "While the Bank of England shows no signs of raising the base rate in the near future, consumers still need to be careful about the rates of interest they pay."

The news follows comments from Carole Spiers, chief executive of the Carole Spiers Group, who claimed it is easy for people to fall into debt at the moment, but getting back into the black can be a whole different story.

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