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Average household debt up as rate of repossessions rises

Your Money
Written By:
Your Money
Posted:
Updated:
13/05/2013

The average household debt is on the up as the rate of repossessions in the UK rises, according to the latest debt report from Credit Action.

The figures suggest that debt levels remain stubborn, with some households finding it increasingly difficult to get by. The average household debt including mortgages in February was £53,994 and £53,995 in March.

The average household debt without mortgage is up from £5,978 in February to £5,980 in March.

Michelle Highman, chief executive of Credit Action, said: “The latest Credit Action debt statistics show that average household debt, both including and excluding mortgages, crept up in March.

“With recent data showing an increase in the number of repossessions, it suggests that some households are finding it harder and harder to manage levels of debt. If you’re in debt and feel it’s becoming harder to manage your money – don’t ignore the problem. Get help now, from an organisation that provides free advice.”

Other headline figures:

  • £164 million of interest was paid every day on personal debt in March
  • £1.585 billion: the daily value of all plastic card purchases in February
  • 1,501 people were made redundant every day between December and February
  • 900,000 people had been unemployed for more than a year between December and February
  • Every 5 minutes 15 seconds someone was declared bankrupt or insolvent during Q1 2013
  • Every 16 minutes 26 seconds a property was repossessed during Q1 2013
  • It cost £68.45 to fill a 50 litre tank with unleaded petrol in April
  • The Government borrowed an estimated £5,638 every second during March