Debt stats – April 2011

We’ve pulled together some debt facts and figures courtesy of Credit Action:

  • £1,156,000,000 is the total value of all purchases made using plastic cards each day
  • The average owed by every UK adult is £29,871 (including mortgages) – this is 126% of average earnings
  • 7,700,000 cash withdrawals will be made today with a total value of £528,000,000
  • Total UK personal debt at the end of February 2011 stood at £1,454 billion

Savings suffer as debts paid off in record amounts

According to comparison site moneyfacts.co.uk, borrowing habits in the UK have taken a turn for the better after 2010 was reported to be a record year for consumers repaying their debts.

The report by unbiased.co.uk showed consumers were becoming more conscious of their debt levels and wanted to pay off what they owe.  However, as a result of this, savings levels steadily dropped during the year.

Read the full article at moneyfacts.co.uk

Do you have a spare £82 every month?

If you want to cover the potential cost of tuition fees for your children, that is the amount that Family Investments* have calculated new parents would have to save each month from the birth of their child.

This increases to £129 per month if parents delay saving until their child is five.

 

* Source – Credit Action March 2011 edition