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June 16, 2008
That Britain is slipping into a personal debt crisis has been well documented for a number of years now. The UK's burgeoning levels of personal debt have, for a long time, far outweighed that of our European neighbours. Indeed, figures released last year revealed that the average consumer in this county is £3,008 in debt compared to an average figure of £1,558 across the rest of Western Europe. Alarmingly the UK is now responsible for a third of all unsecured debt in Western Europe.
Further indications of Britain's escalating personal debt crisis are there for all to see in recent figures on personal debt: The total figure for personal debt in Britain in June 2007 was £1,355bn with the growth rate increasing to 10.1% for the last 12 months; it would appear that this is not an issue that shows any sign of slowing down. Including mortgages the average household debt for the UK is £56,000, excluding mortgages the figure is £8,856 and if based on households with some form of unsecured loan the average amount is £20,600. Every 4 minutes this country's personal debt is rising by a million pounds.
Don't despair though, on an individual level bad debt is not inevitable and with a slightly more money savvy, disciplined approach to managing your finances you should be able to keep things under control. Here are a few easy suggestions to help you stop debts getting out of hand.
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Source: http://www.nouse.co.uk/2008/06/10/britains-personal-debt-crisis-escalates-2/ |
