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The total amount owed by consumers through mortgages, loans and credit cards rose by 7.3 per cent during the year to the end of June to stand at £1.444 trillion, according to accountants Grant Thornton.
But during the same period gross domestic product (GDP) rose by only 5.1 per cent in nominal terms to £1.41 trillion. As a result it would take until January 8, 2009, to pay off the UK's outstanding consumer debt from GDP during a calendar year.
Stephen Gifford, Grant Thornton's chief economist, said there was no cause for panic because personal debt was well covered by the UK housing stock. But he added: "If the property market and economy continue to weaken, the current levels of personal debt will become unsustainable."
http://ukpress.googl...SG0tI2xbgqdjRyw
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This post has been edited by Ash4781: 22 August 2008 - 03:34 PM
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