Debt Reaches a Record £1.1 Trillion
20/03/2008
New UK record debt of £1.1 Trillion. Experian the credit reference specialist for consumer and businesses has revealed the total of all UK debt of over £1.1 Trillion. For those wandering how much a trillion is? it looks this £1,100,000,000,000 which equates to 1 million million.
This is an increase of over 9% in the last 12 Months, in which includes all mortgages, loans, credit cards and bank overdrafts. With mortgages making up the greatest percentage of this rise, but this is in line of house price inflation over the previous 12 months. With loans actually falling by 0.3% compared to the previous 12 months before this where the figure for loans increased by about 2.9%.
This is probably due to many people consolidating their loans and credit cards on to their mortgages when they remortgage, and secured loans have seen an increase in applications over the last 12 months.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.