Friday, February 8, 2008
Collectively Britons owe more than £1.3 trillion and millions are struggling with repayments
The number of people whose homes were repossessed last year rose by 21 per cent, but repossessions are just one indication of the UK’s deepening debt crisis. The scale of individual debt, both through mortgages and other debts such as credit cards and personal loans, has increased sharply over the last ten years. By the end of December 2007, total lending to individuals reached £1,409 billion, figures from the Bank of England show. Of this £1,409 billion, £1,185 billion was mortgage lending with the remainder £224 billion consisting of consumer credit including credit cards. This compares to the £419 billion of secured debt and £84 billion unsecured in May 1997.