UK money worries increase as debt soars

Thursday, June 3rd 2010

A large number of Britons may have money concerns if the latest figures from Credit Action are anything to go by.

The organisation's report on the country's financial status for June indicates total personal debt now stands at £1,460 billion.

To put such a statistic into perspective, this is more than the entire nation produces every year.

In terms of 12-month growth, personal debt is up 0.8 per cent on the corresponding period of 2009, when the UK was in recession.

Poor financial times may increase the requirement for comparison sites such as Money Village, which can point consumers towards the best deals in a range of markets.

Some people may be hoping the new coalition government, made up of the Conservatives and the Liberal Democrats, can help to improve the economic picture.

The words of David Dooks, statistics director at the British Bankers' Association, last week may be good news for the country, as he suggested people are starting to prioritise repaying debt rather than saving.