average debt statistics?

midlander81

According to something I just read, the average household unsecured debt in the UK is around £7k.

How accurate are these figures? My debt at it's worst was something like £40K, and whilst I am sure that this was way above 'average;, I know lots of people with car loans and HP agreements for way more than £7K

Do these stats take into consideration every adult over the age of 18? I imagine that there are lots of very young people and retired people/pensioners with no debts.

It would be interesting to see the average debt of each category based on households that do have some form of unsecured borrowing. I expect the figures would look very different.

Just some SUnday night ramblings

boo_star

Car finance is typically secured against the car so wouldn't be counted in these figures.

sourcrates

Hi,

Average figures yes, but as with everything in life, there are always exceptions to the rule, it appears to be the higher your income, the higher your debt is likely to be, according to those who post on these forums at any rate.

The official figures put household debt as a whole around the 30k mark, excluding mortgages.

It’s a sign of the times to be honest, we all want things now, if we don’t earn enough to fund what we want, and we can’t rob a bank or win the lotto, we turn to the banks legitimate arm, and simply borrow it.

It’s been discussed many times on here in the past, this is a snapshot of Britain today.

midlander81

sourcrates wrote: »

Hi,

Average figures yes, but as with everything in life, there are always exceptions to the rule, it appears to be the higher your income, the higher your debt is likely to be, according to those who post on these forums at any rate.

The official figures put household debt as a whole around the 30k mark, excluding mortgages.

It’s a sign of the times to be honest, we all want things now, if we don’t earn enough to fund what we want, and we can’t rob a bank or win the lotto, we turn to the banks legitimate arm, and simply borrow it.

It’s been discussed many times on here in the past, this is a snapshot of Britain today.

30K excluding mortgages? wow, That's a lot higher than I have seen report, although I am not at all surprised.