Credit Action: Personal debt increases in the UK

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Credit Action: Personal debt increases in the UK

Mon 5th Jan 2009

Credit Action has published research which shows that the total amount of personal debt in the UK has grown over the course of 2008, despite the lack of credit available during recent months.

According to the charity, the UK’s total personal debt increased by £1 million every ten minutes over the course of 2008 and the average household debt in the UK, including mortgages now stands at £59,670.


Credit Action’s statistics showed that the UK’s total personal debt, which stood at £1,456 billion at the end of November, now exceed the UK’s annual gross domestic product (GDP) which is £1,410 billion.


The charity also found that one person is declared bankrupt or insolvent every 4.8 minutes.


Credit Action was set up in 1994 as a national money education charity aimed at helping people deal with debt through counselling and better education.

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