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Personal debt in Britain £1.4tn

Personal debt in Britain has reached £1.4 trillion, according to a study by the Centre for Social Justice. Around 3.9 million British families do not have enough savings to cover their rent or mortgage for more than a month, the report says.

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Maxed Out: A study of Britain's personal debt

  • Personal debt in the UK stands at £1.4 tn with an average household owing £54,000, compared with £29,000 a decade ago
  • Unsecured consumer debt has almost tripled since 1993, reaching nearly £160bn
  • Poorest 10% of household in the country have average debts more than 4x their annual income
  • More than 8 million households now have no savings at all
  • 26,000 UK households have been accepted by councils as homeless in the last five years because of rent and mortgage arrears, with 5,036 becoming homeless last year
  • Payday lenders have increased business from £900 million in 2008/09 to just over £2 billion in 2011/12.

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