Credit Action has released the UK Personal Debt Statistics for the end of the year 2012. These monthly debt statistics provide an in-depth review of the level of debt in the UK along with other figures in relation to money, finance and the economy.

The Credit Action figures showed that average household debt (including mortgages) in December 2012 was £53,947. This has increased from a figure of £53,885 in November. Average household debt in the UK (excluding mortgages) stood at £5,946, a figure again higher than the previous month.

The daily amount of interest paid on personal debt in December amounted to £165 million. Figures were also released which showed that the average number of new debt problems being dealt with each working day over the year to September by the Citizen’s Advice Bureau totalled 8,308.

It was also confirmed that on average 1,727 people were made redundant every day between September and November. The struggle for employment was also emphasised by the fact that 892,000 people had been unemployed for over a year between September and November 2012.

Figures were also released illustrating that £11.38 million worth of loans are written off everyday by UK Banks and Building Societies. A property is repossessed every 16 minutes and 4 seconds and someone is declared insolvent or bankrupt every 5 minutes and 12 seconds.

A report on poverty in the North West region, released today, makes for further startling reading. According to the report, funded by Kelloggs and using data from food banks across the region, up to one in ten people are skipping meals in order to afford to feed their families. Rising food costs mean that for the poorest members of the community, one quarter of their total income is being spent on food each week.

The figures here are evidence that the level of personal debt in the UK is increasing. Obtaining loans or utilising credit cards to make purchases is perfectly acceptable, but should your situation change and you become unable to pay the money back, matters can quickly escalate into a very serious problem. Following this double dip recession it is more crucial than ever that individuals stay on top of their finances. If you have been affected by any of the above issues then do not hesitate to contact one of our specialist personal insolvency solicitors, based in Manchester, today for expert advice.

By Mark Skinner, Bankruptcy Solicitor in Manchester