Household debt declines - Credit Action not celebrating

The Credit Action monthly statistics have been released today. Every UK adult owes on average £29,547. Every day a staggering £171 million is charged in personal interest.  1,797 people are made redundant every day.  And a property is repossessed every 14 minutes.

The December figures actually show a decline in household debt to £55,823 per household, and this is a time of year you might expect to see people spending more on credit. The CEO of the money eduction charity Michelle Highman suggest this reflects an increased level of caution and concern in the average household, and that is a real cause for concern over the coming year.

Every minute of every working day, someone in the UK becomes personally insolvent. For some people, there is still a stigma in going bankrupt, but money advisors are dealing with debt every day and you must not be embarrased to speak to them. There are solutions designed to allow you to work your way out debt (such as the Debt Arrangement Scheme) or to get a fresh start (such as trust deeds). Every day more than 8,000 people take advice on debt. Cann your local CAB, or contact CS Corporate Solutions for free confidential advice. Phone 0800 881 8709 and start to deal with your debt.