Consumer debt worth more than £60billion in the hands of debt collection agencies

Quarterly figures from the Credit Services Association show that total consumer debts being held by debt collection agencies and debt buyers has passed £60billion for the first time. 

This is 5% up on the first quarter of 2012 (January to March) and 18% up on the same period in 2011 (April to June).

The statistics also show that individual debt balances have gone up, with the average account balance now standing at £1,189.  Meanwhile the value of consumer debts collected has risen substantially, a year-on-year increase of 23% on the same period last year, with some £472.4million collected during the quarter.

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