You might be surprised to learn that the total UK personal debt at the end of August 2007 was a staggering
£1,363bn. The growth rate having increased to 9.9% for the previous 12 months which then equates to an increase of £115bn.
The statistics for total secured lending on homes at the end of August 2007 was
£1,148bn, again this has increased 10.8% over the last 12 months.
Likewise, the total consumer credit lending to a broad range of individuals in August 2007 was
£215bn, an increase of 5.5% over the last 12 months.
Not surprisingly the total ending in August 2007 actually grew by £9.5bn, and secured lending also grew by £8.5bn in that particular month. In all consumer credit lending grew by £1bn.
It is a statistical fact that the average household debt in the UK is currently £8,873 (excluding mortgages). This figure then increases to
£20,635 if that average is based on the number of households who actually have some form of unsecured loan.
Fact: Average household debt in the UK is
£56,309 (including mortgages).
Fact: Average money owed by every UK adult is £28,707 (including mortgages). This actually grew by
£160 last month.
Fact: Average outstanding mortgage for currently 11.8m households who have mortgages is
£97,209 although I think that may be higher at the end of September 2007.
Fact: Average interest paid by each household on their total debt is approximately
£3,725 each year (this equates to 9% of take home pay).
Apparently the average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to
£4,524 per average UK adult at the end of August 2007.
Britain's personal debt is increasing by £1 million every 4 minutes.It seems that Mr Blair’s Britain has been using money it hasn’t earned to buy things they don’t really need, I guess because lending money was made so easy, but there are always consequences, at some time the bubble simply has to burst and it has:
People can’t afford to service their borrowing anymore? New figures show that debt enquiries to Citizens Advice Bureaux in England and Wales have hit a record high, increasing by 20% in the last year and bringing the total to 1.7 million in 2006/07. The number of debt problems brought to bureau has doubled in the last 10 years. Debt is now the number one issue advised on in the bureaux, accounting for one in three of all enquiries which equates to
6,600 new debt problems a day we really need to do something quickly!Research from Alliance & Leicester has recently revealed that for 3.4 million Britons,
money is the biggest concern in their life, with nearly a fifth (18%) worrying about money on a daily basis, and nearly a third (30%) fretting about money several times a week. It is really quite serious when you then understand the health risks that are associated with this huge problem.
As many as 7.5 million parents (40% of parents with adult children) have had to help adult children pay off their debts with the average family forking out £2,540 on behalf of their kids, according to research by MoneyExpert.com. The most popular forms of child debt slashed by parents are mobile phone bills, car finance and credit card bills, although nearly one in ten parents have had to help their child keep up with mortgage repayments.
There were
26,956 individual insolvencies (bankruptcy or IVA - Individual Voluntary Arrangement) in England and Wales in the second quarter of 2007 on a seasonally adjusted basis. This was a decrease of 8.1% on the previous quarter and an increase of 4.2% on the same period a year ago.
Almost half of people in the UK are getting stressed at least once a week (47%) according to the Samaritans, with three quarters of people getting stressed at least once a month (74%). The biggest cause of stress for most people is money (51%), followed by job (38%), then family (27%).
Research by BBC Breakfast show suggests that more than a quarter (27%) of us is anxious about how to pay the bills so what is going on?
Citizens Advice Bureau (CAB) clients have an average of £13,000 of debt which is nearly 17.5 times their monthly income. On average it would take CAB clients 77 years to pay back their debts in full.
Three quarters (74%) of British couples find money the hardest subject to talk about with their partners according to the Financial Services Authority (FSA). They also found that over a quarter (27%) of couples regularly argue when they try to discuss their finances; about a third (32%) of couples lie to their partners about how much they spend on their credit cards; over a third (35%) of British couples are kept awake at night worrying about their money situation. This means that just about every sincere fabric of this society is breaking down.
But what can we do about it? And what issues come out of the statistics above?
In the first place no one really wants to admit they are in financial trouble which inevitably results in the initial problems being greater they need to be, as silence and ignorance can quickly degenerate the problem.
I have no doubt that most people view financial problems as visually and mentally inferior as everyone strives for success.
Even basic instincts are affected by admitting that we have failed, we are unable to provide the visual dexterity that the culture almost demand on a daily basis.
www.applyforfinance.com was designed initially not to generate a profit, rather more to understand what a person in debt will require to boost their confidence and retain their integrity.
www.applyforfinance.com will allow anyone to calculate every debt that is causing them problems in the anonymity of their own home. NO ONE NEEDS TO KNOW ABOUT IT!
Just in case you don’t have the foggiest what APR means www.applyforfinance.com will work it all out for you. You don’t need to be a mathematician, nor do you need to be a financial expert, you just need to be you.
We don’t care if you have 1 or 100 debts the government approved MCOB calculator will provide you with a easy to operate software solution that does it all for you, and provide you with a printed sheet that details every loan, how much you owe, what interest you are paying, how long it will take to pay the money back and above all calculate a total sum to allow the consolidation process to take place.
Once it has the correct figure, the system will connect to 2000 recognised lenders plans and find the very best deal for you that
will cut your monthly outgoings by up to 40%, and all this will happen in around 3 seconds. It will provide an approved document that will detail exactly what you owe today and what you could be paying tomorrow and all from the comfort of your own home and if you wish in total privacy.
All loans subject to status and secured on you home.