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Charlie The Tramp Returns

Credit Action Debt Stats August 2010

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Credit Action

UK banks and building societies wrote off £9.6bn of loans to individuals in the last 12 months to end Q1 2010.

In Q1 2010 they wrote off £2.13bn (£1.25bn of that was credit card debt). This amounts to a write-off of £23.35m a day.

Total UK personal debt at the end of June 2010 stood at £1,457bn. The twelve-month growth remained at 0.8%. Individuals owe more than what the whole country produces in a year.

Total lending in June 2010 rose by £0.6bn; secured lending increased by £0.7bn in the month; consumer credit lending fell by £0.1bn (total lending in Jan 2008 grew by £8.4bn)


Total secured lending on dwellings at the end of June 2010 stood at £1,239bn. The twelve-month growth rate remained at 0.9%.

Total consumer credit lending to individuals at the end of June 2010 was £218bn. The annual growth rate of consumer credit fell by 0.1% to – 0.1%.

IMHO there will be no easing in the downturn and it could be a 10 year period before levelling off. ;)

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