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:

We get by with a little help from our friends…

I O U noteOr quite a lot of help, as the case may be – with UK households reportedly borrowing around £2,000 each from family and friends in order to make ends meet.

According to the Aviva Family Finances Report, the average household debt has risen by 40 per cent, from £9,000 a year ago to £13,000 now, with around £2,000 of the latter being owed to family and friends.

If you are thinking of borrowing money from someone close to you, it might be worth checking if there is a better solution to help you get on top of your finances.

Have a look at the Debt solutions and Important information pages on our Turn Debt Around website, or call us on 0131 777 3039 for a friendly, impartial, no strings chat.

Source: BBC News

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.

Do you know anyone who may need debt advice? We can help!

We know that many who find themselves in debt feel embarrassed about their situation, and sometimes hesitate to seek help as a result. But experiencing financial difficulties is nothing to be ashamed of; it happens to people from all backgrounds and walks of life.

At Turn Debt Around we can offer impartial, personal debt advice that takes into account people’s specific circumstances, and is compliant with the guidelines produced by the Office of Fair Trading, and all aspects of consumer regulations.

Whether someone has debts of a few thousand pounds, or tens of thousands of pounds, our friendly and experienced financial advisors will ensure they are recommended a debt solution that works for them.

Treating customers fairly, ensuring our clients have a good experience from start to finish, is a top priority for us. The advice we give is free, and no one is under any obligation to go ahead with our recommended solution. If a person chooses to proceed, fees may be applied – these will be explained beforehand, and are usually incorporated into a customer’s payment plan.

Facing debt problems head on can be scary, but putting is not helpful. In fact, it could make things a lot worse.

So if you know someone who needs help, tell them to have a look at the debt solutions page on our website, or suggest they call us for a chat on 0131 777 3039.

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This week on Your Money – beware of the shoulder surfers!

BBC Your MoneyOn the most recent edition of BBC’s Your Money, from last Saturday (8th June), you can find out how to protect yourself from “shoulder surfers” – people who lurk behind you at the cash point, trying to catch your card pin and then steal your card, in order to commit cash machine fraud.

You will also learn more about the fees you might rack up if using your card abroad – and how to minimise the loss.

Check it out here: Your Money, Saturday 8th June 2013

Are you keeping tabs on ‘Your Money’?

BBC's Your Money

BBC’s Your Money

Have you checked out the BBC News TV magazine ‘Your Money’ yet? It’s a weekly broadcast, helping viewers make the most of their hard-earned cash, including a number of feature stories and interviews with experts, as well as mix of finance news stories.

If you’re not already a fan, have a look at last week’s installment, which covers help for first-time home buyers as well as ‘debt and mental health’, among other items:

BBC News Your Money, Saturday 25th May 2013

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