Household debt increased “ at fastest rate for a decade” last year

Latest figures from The Money Charity show that the UK’s appetite for taking on more credit cards, personal loans and overdrafts increased dramatically in 2014.

We took on an average of just under £400 of additional consumer debt per household last year – the biggest increase since 2004. Borrowing dropped every year from 2009 to 2012.

Last year's increase contrasts sharply with 2013, when our consumer borrowing went up by just £50 from the previous year.

The average amount of consumer borrowing in UK households last year was £6,322 – of which £2,287 (more than 36%) was credit card debt. 

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