Total UK personal debt at the end of August 2007 stood at £1,363bn. The growth rate increased to 9.9% for the previous 12 months which equates to an increase of £115bn. Total secured lending on homes at the end of August 2007 stood at £1,148bn. This has increased 10.8% in the last 12 months. Total consumer credit lending to individuals in August 2007 was £215bn. This has increased 5.5% in the last 12 months. Total lending in August 2007 grew by £9.5bn. Secured lending grew by £8.5bn in the month. Consumer credit lending grew by £1.0bn. Average household debt in the UK is £8,873 (excluding mortgages). This figure increases to £20,635 if the average is based on the number of households who actually have some form of unsecured loan. Average household debt in the UK is £56,309 (including mortgages). Average owed by every UK adult is £28,707 (including mortgages). This grew by £160 last month. Average outstanding mortgage for the 11.8m households who currently have mortgages is £97,209. Average interest paid by each household on their total debt is approximately £3,725 each year (this equates to 9% of take home pay). Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,524 per average UK adult at the end of August 2007. Britain’s personal debt is increasing by £1 million every 4 minutes.

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1 October 2007
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