Friday 31st of July 2009
The average household debt in the UK stands at £9,240, new figures have revealed, which could require people to organise their finances through a debt management plan.
When unsecured loans are included, this figure shoots up to £21,480, Credit Action reported, although interest on this type of debt can be reduced with a debt management plan.
Indeed, the research also revealed that every day in the UK, £182 million in interest payments is forked out.
Many Britons may have also taken out a personal loan to see them through the recession.
The figures stated that total lending in June grew by £0.4 billion, with consumer credit lending rising by £0.1 billion.
As well as reducing the interest payments on personal loans and other unsecured credit, a debt management plan can extend repayment periods, which could take some of the pressure off struggling households.
Recent statistics offered by moneysupermarket.com stated that 27 per cent of people have taken on more debt in the past year.
By Ashley Littley
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- Britons 'changing attitudes' towards debt management
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- A new year 'is ideal' for sorting out finances
