Friday, July 31, 2009
The UK Debt mountain continues to grow by Â£5k per second
Every 10 minutes a property is being repossessed, according to the latest figures by debt charity Credit Action. Within its monthly UK debt report, the charity revealed that, including mortgages, the average UK household debt in June is up Â£58,320 - helping towards the overall UK personal debt of Â£1.458 trillion. It also found that one British person every 4.35 minutes is declared bankrupt or insolvent, as 3,300 people are made redundant every day.