Debt levels rise…but the debt to income ratio improves!

Protecting a good investment and making money conceptAccording to recent figures from Credit Action, household debt increased in May 2013, compared to the previous month, but the debt to income ratio has improved drastically!

Increases in wages from April to May means that, although debt levels rose, the average UK citizen would have been in a better position to manage their debt.

The stats:

  • £54,024: average household debt (including mortgages) in May, up from £54,002 in April
  • £5,978: average household debt (excluding mortgages) in May, up from £5,966 in April
  • £164 million of interest was paid every day on personal debt in May
  • £1.455 billion: daily value of all plastic card purchases in April
  • 1,545 people were made redundant every day between February and April
  • 898,000 people had been unemployed for over a year between February and April
  • Every 5 minutes 15 seconds someone was declared bankrupt or insolvent during Q1 2013
  • Every 16 minutes 26 seconds a property was repossessed during Q1 2013
  • It cost £67.30 to fill a 50-litre tank with unleaded petrol in June
  • The Government borrowed an estimated £3,286 every second during May

If you know of anyone who might want some advice with regards to debt, there is lots of information to be found on our Turn Debt Around website – have a look at the Debt solutions page, and the Important information page.

Alternatively, they can also call us on 0131 777 3039 for an impartial, no strings chat.

For the full Credit Action story, click here.

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