UK debt management burden growth slows
UK debt management burden growth slows
- Wednesday, 1 April 2009National debt management is slowing the increase in the amount owed by UK residents, according to new figures.
The monthly Credit Action debt facts and figures list estimates the amount of time taken for the national debt burden to grow by £1 million.
In January 2008 the
national debt management burden grew by £1 million every 5.3 minutes or so.
But the new report indicates that, in February 2009, the time taken had risen to more than half an hour to stand at 31 minutes.
However, it could still be more difficult for consumers to
eliminate credit card debt as the average amount owed has risen and is now £4,840 on cards, overdrafts, finance deals and personal loans.
The figures may suggest that
UK debt management efforts are improving; however, they also represent a more relaxed approach to new borrowing than in the previous month.
During January 2009, Credit Action saw national debt grow by £1 million at intervals of as much as 40.6 minutes.
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