Figures revealed that personal debt towards the end of last year stood at ?1.42 trillion. Credit Action revealed the alarming statistic in their report released on January the 11th which reveals the current condition of consumer finances. The average UK household debt ,which includes mortgages, stood at ?53,867. During the month, ?165 million was sent on meeting personal debt repayments.
Gocompare.com business development director, John Miles, said: ?Without doubt, 2013 will be a tough year for many people as austerity measures continue to bite. Providers constantly review their pricing, so even if you think you?re getting a good deal on your financial products at the moment, it is worth shopping around on a regular basis.?
Source: http://www.chilterndebtmanagement.co.uk/chiltern-press/1-4tn-personal-debt-uk/
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