Personal debt continues to mount in the UK

UK personal debt, including things like mortgages and credit card borrowing, increased again in September, new figures show.

Data released by Credit Action indicates that total personal debt in the UK reached £1.38 trillion by the end of the month. This means that debt has risen by ten per cent in the last 12 months.

Including mortgages, the average household in the UK now owes £55,403. Borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans typically amounts to £4,554 per person.

The charity has also warned that it is likely that more people will find themselves in debt after this year's Christmas period.

Recently, Sainsbury's Bank said that it was vital the consumers did not use personal loans to finance a Christmas they could not afford.

"I would be nervous for customers to put pressure on personal loans to make Christmas happen from that perspective," explained Steven Baillie, head of loans at Sainsbury's Bank.

news source : http://www.moneyhighstreet.com/