It is not just the government that is in debt but also individuals. Collectively, the amount that individuals in the UK owe is almost as much as the country’s annual GDP.
Credit Action has just published the latest monthly statistics. The overall trend is that household debt continues to rise. While secured (mortgage) lending is rising, however, unsecured (consumer) lending is falling (following a rise in the autumn).
The average amount owed per UK adult (including mortgages) was £28,901 last November, around 117% of average earnings.