Skint Britain: the average personal debt is £4,412

7 February 2014

If you’re not drowning in thousands of pounds of unsecured personal debt, then consider yourself a king, because most of us are deep in the hole of borrowing – with young people owing the most.

creditcard

This depressing news comes from a Moneysupermarket survey, which found that two thirds of us have credit cards, store cards, personal loans or whopping overdrafts up the wazoo. The average Joe owes about 4 and a half grand – but those crazy young people between the ages of 18-24 are practically living on credit, owing an average of £5,446. (#yolo)

Overall the survey puts our unsecured debt total at £139 billion, but the Bank of England say the amount is even higher – in December, personal debt was estimated to be £158.2billion. OUCH.

The Moneysupermarket survey asked 2000 people about their debts and spending habits, and apparently we have 25% less unsecured debt than we used to have. But this was cancelled out by the fact that 43% said they owed even more.

So is this much-vaunted financial recovery just a big fat credit bubble in disguise? Looks like it, eh?

TOPICS:   Banking   Credit Cards   Debt   Loans

7 comments

  • Alexis V.
    "So is this much-vaunted financial recovery just a big fat credit bubble in disguise? Looks like it, eh?" Sounds more like an advert / press release from MoneySupermarket to me.
  • Jesus
    Asked 2000 people! so another worthless survey then.
  • Turd M.
    We're doing the same shit again. In fact its probably worse because the middle-end jobs like accounting and office operations can be outsourced as soon as india/china get decent graduates. Meanwhile we have another housing boom, inflating bills/costs and almost no change in take home pay. Boom and bust baby.
  • God
    It has taken me 2 years to pay off my credit card debt, but I have finally done it - just a few days ago. I blame the government. It I hadnt been stuck in China for SIX MONTHS, waiting for them to get off of their collective arses and do some work, I wouldn't have run up the debt!!!!!
  • Dumbass
    £6000ish on credit cards here and it's going to remain at at least that level as long as I can keep getting 0% on balance transfers. With real inflation (utilities, transport, food) as high as it is it would be retarded to pay off that debt atm.
  • People P.
    Were Student Loans included in this? What is the picture if we account for the great EveryoneGoesToUniversity fraud?
  • Chewbacca
    Something something feral trolley wankers arse something something. You fucking morons.

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