Average UK Debt
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link buildingAverage UK debt at £8,000 per person (not including the mortgage).

Almost a quarter of all Britons said they are struggling to make ends meet, while 62% said they were often worried about their levels of personal debt according to a recent survey.

Another survey indicates 50% are at least £20,000 in debt and the illustration below shows the staggering sums paid to service these debts assuming you only make the minumum payments plus the interest. So your debt is £20k and by paying the minimum every month together with the monthly interest you will be debt free sometime around 2038 and 2040!!!

Now look at the column that shows you the total paid to service this debt it is a staggering £64,000...

FCA Figures show that customers in persistent debt pay on average around £2.50 in interest and charges for every £1 that they repay of their borrowing. There are a total of 4 million accounts in persistent debt and firms have few incentives to help these customers because they are profitable.

Now what could you do with this money???? Pay off your mortgage so your totally debt free? buy a new car? Build an extension or a lot conversion?

So is it not time we beat the banks?

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Average UK debt

Average UK debt at £8,000 per person (not including the mortgage).

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