View more on these topics

A repossession happens every 10 minutes, says charity

Every 10 minutes a property is being repossessed, according to the latest figures by debt charity Credit Action.

Within its monthly UK debt report, the charity revealed that, including mortgages, the average UK household debt in June is up £58,320 – helping towards the overall UK personal debt of £1.458 trillion.

It also found that one British person every 4.35 minutes is declared bankrupt or insolvent, as 3,300 people are made redundant every day.

Credit Action says the average owed by every UK adult is around £30,460, which totals 133 per cent of average UK earnings.

As a result, Britain’s interest repayments on personal debt were £66.3bn over the last year, with the average interest paid by each household on their total debt being approximately £2,650 each year.

But the charity has found that the national debt increase is slowing by 1.2 per cent in the last 12 months, which equates to a monthly increase of around £14.35bn, down from January’s increase of around £116bn.

It also found that the Government’s national debt is increasing by £5,000 a second.



Resolution to consult shareholders on Friends deal

Resolution says it is considering its position on a deal with Friends Provident and will consult further with shareholders, following Friends’ rejection of its latest offer.

FSCS issues £406m levy for banking failure

The Financial Services Compensation Scheme has sent invoices to banks, building societies and credit unions for the initial levy of £406m for compensation costs incurred following the five bank defaults of 2008.

No cure for the befuddled FSA

As the swine flu pandemic breeds shock-horror tabloid headlines, a far more dangerous condition continues its inexorable creep, producing even more worrying long-term health concerns for UK plc.


News and expert analysis straight to your inbox

Sign up


    Leave a comment