UK personal debt

£1.5 trillion in personal debt

The uk is drowning in debt, 1.5 trillion pounds of personal debt is the collective figure for the uk population.

The personal debt figure rounded up is equal to @ £55,000 for every uk household.

Mortgages, personal loans and credit cards are a major factor in the total debt mountain.

The figures were issued as debt experts warned that a record 150,000 people could be plunged into insolvency this year 15 per cent more than last year.

The number of people filing bankruptcy has also risen. To pay off debt without declaring bankruptcy, more and more borrowers are seeking debt help from the debt relief companies. The mountain of debt has also led to an increased number of companies offering free debt advice online and over the phone. Different charities are also offering free counseling to debtors so that they can come out of the financial crisis.