Credit action statistics

kennyboy66_2

While these usually make depressing reading, a couple of good things.

1) Total personal debt for UK has probably peaked (Debt in Sept same as Dec 08)
My guess is that it will actually start falling.

2) Despite all the tales you hear about people paying for essentials on their credit card, credit card debt is already falling.

http://www.creditaction.org.uk/debt-statistics.html

Count_Dante

I think you have to factor in the general decline in stoozing and tarting in those statistics. Total debt will fall, but the debt that is left is more likely to be distressed.

kennyboy66_2

True - although the fact that total credit card debt is 10% less than the peak in Jan 2006 is more than would account for stoozing.

piggeh

Is it falling because of insolvencies? I' imagine that the debts in insolvencies are wrote off. Therefore increased insolvencies (which is happening) + lack of available credit elsewhere = falling debt levels.