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