Segmenting The UK Debt Crisis
As we enter the third financial quarter of 2012 the economy shows no sign of recovery. The double dip recession is wreaking havoc across the UK as both consumers and business owners suffer from increasing debt. It’s estimated that there are approx. 10 million people suffering from debt in the UK, owing a staggering £1.458 trillion, an increase of £8 billion since June 2011. The country as a whole owed almost as much as we produced in the entire year of 2011.
So let’s break this down to find out how the UK is in such a predicament.
- The average household debt (including mortgages) stands at a whopping £55,448.
- 105 properties are repossessed every day.
- 182 mortgage possession claims issued every day.
- 141 mortgage possession orders made every day.
- 1607 people reported they had been made redundant every day between March and May 2012.
- 197 people every day became unemployed for a period of at least 12 months. That’s 885,000 people in total.
CCJ’s and Insolvency
- 1443 people per day were issued with a CCJ with an average value of £2,886.
- *314 people were declared insolvent every day which is the equivalent of one person every 63 seconds .
Loan and Credit Cards
- On a daily basis, over £14 million of loans were written off by banks and building societies.
- The daily value of purchases made with plastic cards was £1.396 Billion.
If you think these figures are hard to comprehend, the interest paid by the government on public sector net debt of £2,268 billion was a mind boggling £156,710 every day.
The unfortunate fact here is that UK residents are finding it harder to repay their creditors, finding themselves in even more debt and losing their jobs and their homes. It’s a terrible position to be in and en extremely stressful time.
Join the Harrington Brooks family
If you’re in the unfortunate posision of finding yourself stuck in these situations every day, then we can help. We hold your hand to guide you through the confusing world of debt management and find the right solution for your circumstances. Then we take away the headache of debt management by making all negotiations and payments to your creditors on your behalf, leaving you to move on with your life. Become debt free. Become part of the Harrington Brooks family.
*Based on working days for Q1 2012 trends.