UK personal loan debt increases, figures show

Mon, 10 Mar 2008

The nation had to work for a total of 70 days to earn the equivalent amount of money to pay interest charges on combined credit card and personal loan debt, it has been claimed.

According to figures released by unbiased.co.uk, this is a longer period of time than in 2007 when it only took 31 days to earn enough money to service credit card and personal loan debts .

It also found that personal loan debt in the UK increased from £2.6 billion to 9.8 billion in the past year and interest rates on such products have also gone up.

However, credit card debt has fallen slightly from £55.6 to £54.9 billion.

David Elms, chief executive of unbiased.co.uk, said: "In the current economic client is has never been more important for people to realise just how much it costs to service their debts and to ensure they have adequate funds available to do so."

Last week, research by MoneyExpert.com found that around 3.2 million Britons have five or more credit cards.
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