UK household debt has swollen to £1.5trn in the UK for the first time, with indebtedness growing at the fastest rate since before the credit crunch of 2007, according to new research.
Before the peak of the financial crisis in 2008, personal debt in the UK reached £1.4trn.
Following a recent low of £1.36trn in December 2011, calculations by the Money Charity put growth in the last five year at £140bn to over £1.5trn this month, which is £55,683 per household and £1,037 extra per adult.
Adults in the UK owe on average nearly £30,000 each, which around 113.7% of average total annual earnings and 83% of the countrys annual economic output.
Majority of this debt (87%) is in the form of mortgages secured by property with gross m…
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