Banks and Building Societies write-off £20.1 Million every day

Dec. 1, 2010 - PRLog -- In the last 12 months UK banks and building societies have written off a staggering £9.9bn worth of loans, £740 million of which is credit card debt, to UK individuals. This equates to just over £20 million every day.

These latest UK debt statistics from the national charity Credit Action also report the total personal debt in the UK as £1,452bn, which is more than the UK produces in a year.

In October 2010 total lending increased by £1.3bn, in comparison consumer credit lending in October 2010 increased by £0.3bn a small amount when taking into account the £8.4bn growth in January 2008.

Secured lending on property remained at £1,236bn for the end of October 2010.

Average UK household debt excluding mortgages is £8,556, including personal loans this figure increases to £17,825 and including mortgages the average debt is £57,624.

Craig Gedey, Market Manager at Debt Advisory Line said: “Anyone who is struggling with loan debts or credit card debts may be eligible to start a debt management plan.”

“Rather than consolidating debts with another loan a debt management plan helps you repay the debts you have at an affordable monthly repayment amount; after living expenses have been accounted for.”

“On average we help customers reduce their debt repayments by 49%.”

Visit www.debtadvisoryline.co.uk/debt-help for more information.

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Debt Advisory Line is the Debt Management Provider of the Year 2008 and 2009. Debt Advisory Line is a Debt Solution Company offering help and advice award winning "best Debt Management Plans", IVAs, Trust Deeds, Debt Relief Orders and Bankruptcy.