The total UK personal debt at the end of June 2008 stood at £1,444 billion. The growth rate increased to 7.4% for the previous 12 months which equates to an increase of £98billion.
The average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,900 per average UK adult at the end of June 2008.
Total consumer credit lending to individuals in June 2008 was £232 billion. This has increased 6.8% in the last 12 months.
Britain’s interest repayments have soared to £94.4 billion in the last 12months. The average interest paid by each household on their total debt is approximately £3,800 each year.
The average interest rate on credit card lending is currently 17.5%, which is 12.5% above base rate (5.0%). The average interest rate on credit card lending has increased by 1.8% in 2 years from 15.7%.
Debit and Credit cards in issue were 145m in 2007. If you include other types of plastic cards this works out at just under 4 plastic cards for every adult in the UK.
More than 5 million people have missed monthly payments on credit cards in the past six months (11% of credit card customers). Late payment fees average £12 a time for missed payments which totals to £61 million for the six months to December 2007.
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