Credit Action: UK personal debt increase slowing

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Credit Action: UK personal debt increase slowing

Tue 5th May 2009

Research by the national debt charity Credit Action has revealed that the UK's personal debt burden is still growing, but the rate of increase is slowing down.

According to the study, total UK personal debt at the end of March 2009 stood at £1,459 billion. Over the course of the month, this figure increased by £28 billion, compared to an increase of £116 billion in January last year.

Credit Action calculated that during March 2009 Brits' total personal debt increased by £1 million every 50 minutes. In January 2008, personal debt in the country increased by £1 million every 5.3 minutes.

The charity calculated that the average debt faced by each household in the UK is £9,280, if mortgages are not taken into account.

Credit Action was founded in 1994 as a not-for-profit organisation which encourages responsible money management.

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