PERSONAL DEBT - Feeling you are struggling, you are not alone. Average personal debt in the UK has more than doubled in the last 12 months to over £25,000 per person, new data has revealed.
The exclusive figures have been reported in money.co.uk’s annual debt index, following extensive research by the comparison site into household debt across the UK.
Experts say the drastic increase in 2021 is due largely to the ongoing strain of COVID-19, in addition to a recent increase in living expenses.
Key findings within the report include…
- The average amount of personal debt in 2021 is £25,879 - more than double the figure in 2020 (£9,246)
- Around six in ten (59.7%) consumers admitted to being in debt right now
- Almost a third (31.74%) of debt incurred this year has been due to the coronavirus pandemic
- Men (£35,013) have more the twice the average debt of women (£14,911)
- Londoners also have the highest level of personal debt in the country, with average losses of £53,960 per person
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