British Debt: 10 deeply frightening facts!
January, 14, 2008
If you're in debt, know it's pretty bad, but refuse to sit down and add up all those credit card and loan debts .. you definitely aren't alone. Brits n’ Debt would seem to be as common as Fish n’ Chips.
It’s not great being a bearer bad news, but hey we’re doing it anyway as SaveBorrowSpend brings you 10 deeply frightening DEBT facts:
1. Britain’s total personal debt now stands at a quite frankly unimaginable figure of £1.39 trillion (...how many zeros is that?).
2. Collectively we pay out £93 billion (slightly less zeros) a year in interest on loans, credit cards, overdrafts and mortgages.
3. The average household owes £56,234 including mortgages and is paying over £3,700 in interest each year. (If you take this down to an individual level, each adult owes more than £29,000).
4. Nearly a quarter of the population feel their current level of debt is unmanageable.
Free financial information
5. 10,000 people are predicted to go insolvent each month in 2008.
6. The average twenty-something has debts of more than £6,000 with an additional overdraft of £1,500.
7. Brits borrow on average twice as much as their European counterparts on unsecured debts.
8. For the 11.8 million households with a mortgage, their average outstanding mortage stands just shy of £100,000 at £99,690
9. Two-thirds of twenty-somethings aren’t paying into a pension, with nearly 40% saying this is because they simply can’t afford to.
10. Britain’s personal debt is increasing by £1 million every 4 minutes (… now surely that's frightened you).
SaveBorrowSpend Philippa Adam
