Wednesday 2nd of February 2011
An increasing number of people currently in financial turmoil may soon begin seeking individual voluntary arrangement answers as it has been revealed arrears levels remained high in December.
Credit Action's latest debt statistics have shown total UK personal debt at the end of the final month in 2010 stood at £1,425 billion.
The 12-month growth rate witnessed a 0.1 percentage point decrease to 0.7 per cent - meaning individuals currently owe more cash than the whole country produced in the last year.
Meanwhile, the average household debt - excluding mortgages - reached £8,480.
However, with home loans taken into account, this amount jumps to £57,608 -rising to £109,830 if it is added to the March 2010 budget report figure for public sector net debt expected in 2015-16.
The figures follow predictions from the National Institute of Economic and Social Research, which suggested the UK economy will grow by only 1.5 per cent throughout 2011.
By Neil Burton
