Total outstanding lending at the end of August reached £1.499 trillion

A report from The Money Charity has highlighted the rate that debt is increasing in the UK. 

 
People living in the United Kingdom owed £1.499 trillion at the end of August 2016, up from £1.445 trillion at the end of August 2015.
 
The average consumer debt grew by £412.30 per household, whilst the average total debt per household (including mortgages) was £55,504. At £29,675 per adult, this works out at around 113.4% of average earnings.
 
It’s not just debt that is going up. Living costs and inflation are on the rise too, with the recent fall in the value of sterling putting pressure on the prices of imported retail goods. The report found that the cost of filling a 50 litre petrol tank in August was £55.11 with prices expected to go up further, and private renters spent a princely £775.67 on their rent. 
 
In these circumstances many people will find themselves struggling to meet their daily living costs and manage their debt. It can be daunting to try and work out what you owe and to whom, and which is the best way to deal with it. 
 
Debt Advice Foundation's Personal Debt Analyser is free and easy to use.  It will help you to understand the full extent of your debts and provide practical advice on what to do next. We don’t store the information you provide and will never contact you unless you request a call-back. 
 
Based on your information the Personal Debt Analyser will tell you:
 
  • How much you realistically have available to pay to your creditors each month after living costs and priority payments have been taken into account.
  • How long it will take you to pay back your unsecured debts in full.
  • How to negotiate with your unsecured creditors to reduce your repayments by providing letter templates and calculations.
 

Take a look at the debt analyser