Average UK household to be £10,000 in debt by end of 2016


Report warns that people’s complacency over their ability to manage their borrowing could lead to resurgence in bad debt

The average UK household will owe close to £10,000 in debts such as personal loans, credit cards and overdrafts by the end of 2016, which is a new high in cash terms, a report has found.

Total outstanding non-mortgage borrowing grew by nearly £20bn or 9% in 2014, to reach £239bn, marking the fastest rate of growth in a decade, according to the report from PwC, Precious Plastic: How Britons Fell Back in Love With Borrowing.

Continue reading...
view The Guardian: Economics