Crosshills, West Yorkshire -- (SBWire) -- 12/03/2010 -- In the last 12 months UK banks and building societies have written off a staggering £9.9bn worth of loans, £740 million of which is credit card debt, to UK individuals. This equates to just over £20 million every day.
These latest UK debt statistics from the national charity Credit Action also report the total personal debt in the UK as £1,452bn, which is more than the UK produces in a year.
In October 2010 total lending increased by £1.3bn, in comparison consumer credit lending in October 2010 increased by £0.3bn a small amount when taking into account the £8.4bn growth in January 2008.
Secured lending on property remained at £1,236bn for the end of October 2010.
Average UK household debt excluding mortgages is £8,556, including personal loans this figure increases to £17,825 and including mortgages the average debt is £57,624.
Craig Gedey, Market Manager at Debt Advisory Line said: “Anyone who is struggling with loan debts or credit card debts may be eligible to start a debt management plan.”
“Rather than consolidating debts with another loan a debt management plan helps you repay the debts you have at an affordable monthly repayment amount; after living expenses have been accounted for.”
“On average we help customers reduce their debt repayments by 49%.”
Visit http://www.debtadvisoryline.co.uk/debt-help for more information.
Banks and Building Societies Write-off £20.1 Million Every day
Banks and building socities are writing off millions of debt every day. What should you do if you are struggling with unsecured debt repayments?