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People in the UK continue to be plagued by debt problems, new figures have suggested.
According to Credit Action’s monthly statistics, total UK personal debt currently stands at £1,457 billion, while the 12-month growth remained at 0.8 per cent.
It means individuals still owe more than the whole countries produces in a year.
Moreover, the report showed total lending in June increased by £0.6 billion.
It forecast 391 individuals will be declared insolvent or bankrupt every day of the year, which works out at one person every 51 seconds of the working day.
And in England and Wales, Citizen Advice Bureaus dealt with 9,562 new debt problems every 24 hours.
According to the report, 1,000 consumers are looking to gain some form of debt rescheduling during each working day, while UK residents saved an average of just £2.76 per diem.
The average household debt now stands at £8,650 excluding mortgages, but escalates to £57,809 when property repayments are taken into consideration.
It means the average owed by every adult across the nation is £29,928 – including mortgages – which equates at 127 per cent of average earnings.
Interest repayments on personal debt in Britain were £67.3 billion in the last 12 months, with the average amount paid by each household calculating at approximately £2,669 each year.
Furthermore, consumer borrowing via such means as credit cards and retail finance deals rose to £4,478 per UK adult at the end of June.
Recent figures from the Insolvency Service showed bankruptcy among women to be of growing concern, as the amount of females who found themselves in this situation swelled by 28 per cent last year.
At first I thought Kevin Drum was re-branding “laissez faire” into “economic nihilism.“ But after reading the linked article, which blames deficits 100% on Republican tax-cutting rather than either Democratic or Republican free spending, I suppose he is really equating the policy of opposing tax increases to economic nihilism. For this to be true, given the definition of nihilism, it means that all meaning, purpose, and everything of intrinsic value flows from the government. Denying government more money = nihilistic negation of reality.
The amount of money Britons spend on bills each year could be forcing an increasing number of people to seek help, new figures have suggested.
A study carried out by Confused.com revealed individuals in the UK shell out around £18,500 on such costs every 12 months.
It discovered the average household parts with £1,541.91 each month.
This sum includes utility levies, rent or mortgage payments, food expenditure and other bills.
Over the last year, the cost of living has ballooned by £642.12, with car insurance and mobile phone charges among the outlays that are hitting the British public hardest in the pocket, the survey revealed.
It included around 3,000 consumers and found Brits are forking out £528.37 a month – £6,340.44 a year – on rent or mortgage repayments alone.
This amount represents a hike of £158.16 on 2009 calculations.
However, it is motor insurance that has seen the most significant increase, as it has swelled by £369.60 to an average of £1,460.04 per annum.
In addition, food bills have escalated by £34.28 to £3,758.52 per year, while digital television subscriptions have risen by £19.32, resulting in viewers handing over £244.08 every 12 months in order to watch the medium.
Mobile phone bills have also jumped, with an extra £113.04 now placed on the £420.24 2009 average.
A spokesman for the organisation, noted; “With many people still feeling the effects of the recession, paying the bills is yet another money worry.”
The AA British Insurance Premium Index recently revealed car insurance premiums leapt by more than 11 per cent in the second quarter of 2010.
High credit card debt can be extremely detrimental to your credit rating, and if you are falling behind in your credit card payments also, it can be even worse.
High balances and late payments can contribute to over 50% of your credit score, so if you are so badly in debt that you are considering a debt consolidation loan, chances are you can only improve your rating if you are approved.
Hector Milla Editor of the “Get Rid Of Credit Card Debt” website — http://www.GetRidOfCreditCardDebts.net — pointed out;
“…A qualified credit card debt consolidation loan company will guide you through the process of negotiations to lower the amounts due on your credit cards. Since most times the balance due includes several penalties for going over your limit or fees for late payments, these amounts can many times be removed, or at least reduced, making your total amount debt a bit less. The re-nego Read more…
People aged between 50 and 64 years old could soon find themselves in need of debt help as it has been revealed individuals in this bracket face the highest rate of inflation.
According to figures from the Alliance Trust Research Centre, it is the ninth consecutive month consumers of that age have been hard hit and the rate for these consumers now stands at 4.5 per cent.
Such a position has been reached and maintained primarily because these people spend more of their disposable income on transport, which is where inflation remains at the relatively high level of nine per cent.