UK adults owe loans up to Ł30,000

The average debt, including mortgages, that UK adults owe is just short of Ł30,000, according to figures from Credit Action.

Liz Dunscombe, director of project and partnership development at the firm, noted that October debt statistics revealed some concerning results.

According to the charity's figures, the average amount owed by individuals is Ł29,546 and household debt is Ł55,822.

On top of this, the daily write-off of loans by banks and building societies currently stands at Ł22.54 million.

Ms Dunscombe added that consumer confidence is low, but many people seem to borrow money to make sure they meet their existing commitments.

"Additional pressure has been placed on some on family budgets due to recent increases in redundancies and long-term unemployment.

"The number of daily redundancies rose to 1,775 in the three months to the end of July," she said.

The Debt Advice Foundation recently stated that people struggling with loans should use free and impartial services if they are in financial trouble.

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