Press Release Summary = Personal debt has reached a staggering £1.2B in the UK. Personal debt has now continued to grow for 14 years straight and is now THREE times greater than it was in 1993.
Press Release Body = FOR IMMEDIATE RELEASE 07/07/2006
Personal Debt Grows For 14th Year Straight Personal debt has reached a staggering £1,200B in the UK. Personal debt has now continued to grow for 14 years straight and is now THREE times greater than it was in 1993.
Mersea, Essex - 7th July 2006
How much do you owe? Well, if you\'re anything like the average UK citizen, the answer is quite a lot. Quite a lot indeed. According to www.creditwatch.org.uk recent statistics are quite staggering:
Did you know the average household debt in the UK is approximately £7,754 (excluding mortgages)? That average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,109 per average UK adult? Alarmingly, this has grown 52% in 5 years. Britain\'s personal debt is increasing by about £1 million every four minutes. 282 plastic transactions took place every second in the UK in 2005. Debit cards accounted for 37% of all retail spend in 2005, ahead of cash at 34%. Plastic cards were used for 63% of all UK retail spending last year Total credit card debt in April 2006 was £56.0bn. 39% Brits overspend on their debit cards on day-to-day purchases and the most common reason is because psychologically, they feel they are not spending any money, according to National Savings and Investments' (NS&I) latest Quarterly Savings Survey. Plastic cards in issue were 190m in 2004. This works out at an average of 4.1 plastic cards for every adult in the UK. There are more credit cards in the UK than people according to APACS. At the end of 2004 there were 74.3m credit and charge cards in the UK compared with around 59 million people in the country. Servicing Debt: Citizens Advice Bureau (CAB) dealt with 1,128,000 debt enquiries last year. In the last decade the number of consumer debt problems dealt with by CAB has increased 118%. CAB clients have an average of £13,000 of debt which is nearly 17.5 times their monthly income. On average it would take CAB clients 77 years to pay back their debts in full. The average person has just £27 a week left to live on after meeting all their bills and essential outgoings, a survey has showed. Recent rises in council tax and utility bills, combined with high levels of debt, have left the average Briton with £954 worth of monthly commitments to pay from an average income of £1,070, according to Combined Insurance.
Other helpful information regarding the subject can be found at: http://www.debt-equity-finance.com.
For More Information Contact:
Allen Jesson allenjesson@bigpond.com http://www.debt-equity-finance.com
Web Site = http://www.debt-equity-finance.com
Contact Details = Allen Jesson Freshfields East Mersea , CO5 8TA $$country
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