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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.

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