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News - 20 January 2004
|Too many cards, too much debt?|
Consumer Debt at an all time high and rising
Individual debt has risen 8% over the Christmas Period and now stands at £109.37bn according to debt advice organisation Debt Free Direct.
Excluding mortgages, 18.3 million credit card holders owe an average of just under £6,000 each on cards, loans and overdrafts. A fifth of these are not working and account for over 12% of the total (£13.47bn).
People north of the border have the highest level of debt with an average of over £7,800 and people in the south east handling their finances best with the lowest level of card, loan and overdraft debt. Debt advice agencies expect the figure to reach £9bn by the end of January. These figures come close on the heels of a record rise in personal bankruptcies.
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