Fall In Household Debt Has Stalled

In January 2012 Credit Action figures reveal the trend was reversed with an increase of £532. This month's statistics, confirm that the decline has stalled as average household debt (excluding mortgages) fell by just £3 in February.

Other statistics include:

- Average household debt (including mortgages) rose by £41 to £56,058 while average household debt (excluding mortgages) fell by £3 to £ 8,002.

- Outstanding personal debt in February was £1.457 trillion (up from £1.452 trillion last February).  This is almost as much as the annual GDP during 2011.

- The consumer borrowing per UK adult was £4,235 in February, a fall of £2 from January.

- Daily purchases using plastic cards increased to £1.361m during January £172m of interest on personal debt was paid every day in February.

- 855,000 people have been unemployed for over a year.

- 318 people are declared insolvent or bankrupt every day.

- £16.23 of loans are written-off daily by UK Banks and Building Societies.

- Every 15 minutes 28 seconds  a property is repossessed.

-CAB deal with 8,518 new debt problems each working day.

-The cost to fill a 50 litre tank with unleaded petrol was £ 69.25 .

Michelle Highman, CEO of Credit Action says:

"Prior to January, we'd witnessed an encouraging long-term trend of falling average household debt (excluding mortgages). Unfortunately, since then it seems to have stalled. These developments show the importance of staying on top of your money. "