UK consumer debt increases further

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UK consumer debt increases further

LONDON, UK - Despite concerns about borrowing levels, UK consumer debt is continuing to rise, new research reveals.

The amount owed by individuals in the UK rose by eight per cent to £109.4 billion over the Christmas period, Debt Free Direct claims.

The debt advice group found that around 18.3 million people owe an average of £5,993 each on credit cards, loans and overdrafts, excluding mortgage borrowing.

The study also found that about 4.1 million people who are not working owe £13.47 billion - an average of £3,325 each.

Scots have the highest levels of personal debt, with 48.5 per cent of the population owing £7,848 each. People in the south-east and East Anglia are least likely to have borrowed money with just 33 per cent of people in debt.

The research also showed that men have higher levels of personal debt than women, owing an average of £6,089 each, compared with women's £5,027.

The statistics are likely to cause concern among debt advice groups, who are worried that the figures will rise even further during January, with strong sales spending predicted.

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