Personal Debt Reaches £1.46trn

Statistics released by money advice charity Credit Action reveal that total UK personal debt increased 0.7 per cent in the 12 months up to the end of November 2009 to £1.46trn. However, bucking the long-term trend, consumer credit lending actually fell by a net £400m during the month of November as banks continued to tighten their belts.

Secured lending continued to grow, up £1.5bn and the charity estimates that the average household debt including mortgages in the UK is now £57,888.

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