The latest debt statistics from Credit Action

Credit Action has released debt statistics for August, and although outstanding personal debt is up, it’s not all bad news as unemployment figures are down.

The August installment of debt stats include:

  • £5,986: average household debt (excluding mortgages) in June, up from £5,978 in May
  • £164 million of interest was paid every day on personal debt in June
  • £1.421 billion: daily value of all plastic card purchases in May
  • 915,000 people had been unemployed for over a year between March and May
  • Every 5 minutes 7 seconds someone was declared bankrupt or insolvent during Q2 2013
  • £1.425 trillion was the value of outstanding personal debt at the end of June, up from the same period last year

For more details, go to: www.creditaction.org.uk

Household debt on the rise!

Household debt

Debt that’s not dealt with can lead to repossession

National money education charity, Credit Action, has reported that the average household debt in the UK is on the rise, as the rate of repossessions goes up.

The fact that more repossessions are taking place implies that more households are struggling to make ends meet. If you find yourself in debt, it’s important not to ignore the problem, but to take action straight away.

Turn Debt Around can help with impartial, no strings debt advice, and we can also facilitate a range of debt solutions.

For more information, have a look at the ‘Debt solutions’ page on our website, or call us for an initial chat on 0131 777 3039.

Source: Credit Action

Get supermarket savvy and save cash!

Food in shopping basket

Do you shop smart?

Ever looked at your supermarket receipt and felt dumbfounded by the amount of money spent on a basket of goods?

Whilst the cost of food has gone up considerably in recent years, you may want to take stock of your spending and ask yourself if you are getting the most bang for your buck when you visit the supermarket.

We found some helpful shopping pointers in The Telegraph’s Finance section, that we thought would be worth sharing:

Five ways to save money on your supermarket shopping