Or 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.
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.
We just received an email update from Creditaction.org.uk, the UK’s financial capability charity, full of delightful (not) debt statistics.
In all honesty, these most recent figures don’t make for very uplifting reading, mostly – but it’s important not to brush debt under the carpet.
As such, we have added some nuggets of insight from the Credit Action emailer below, for you to peruse at your leisure – if nothing else, it may help put your own finances in perspective.
Most importantly though – and especially if the below leaves you feeling all clammy with anxiety; remember that there is help to be had for those struggling with debt!
Outstanding personal debt stood at £1.422 trillion at the end of December 2012.
This is up from £1.406 trillion at the end of December 2011. At the end of December 2012, individuals owed nearly as much as the entire country produced during the whole of 2011.
Outstanding secured (mortgage) lending stood at £1.265 trillion at the end of December 2012. This is up from £1.245 trillion at the end of December 2011.
Outstanding unsecured (consumer credit) lending stood at £157 billion at the end of December 2012. This is down from £160 billion at the end of December 2011.
Average household debt in the UK (excluding mortgages) was £5,946 in December. This is up from a revised £5,914 in November.
Average household debt in the UK (including mortgages) was £53,947 in December. This is up from a revised £53,885 in November.
At Turn Debt Around we can offer impartial, personal debt advice that takes into account our customers’ individual circumstances.
Oh, and the advice we give is free – people who contact us are under no obligation to go ahead with our recommended solutions. If they do choose to proceed, we will explain any fees that may be applied, which will usually be incorporated into the debt solution payment plan.
If you or anyone you know would like to have a chat – give us a ring on: 0131 777 3039