Card Debt

Personal Debt Hits New High

With 9% of the average expenditure now going on debt repayments, consumers are experiencing ever rising levels of personal debt which some are struggling to maintain.

Partly due to four interest rate rises from the Bank of England, the Council of Mortgage Lenders reports that around sixty thousand householders now have mortgage arrears of between three and six months.

Despite wage levels continuing to rise over the last ten years, levels of household debt have increased at a faster pace, resulting in problems for consumers who have stretched their finances too tightly, especially those with young families and those on lower incomes.