Debt figures 'only tip of the iceberg'
Debt figures 'only tip of the iceberg'
Friday 14th November 2008
The Daily Mail claims that although official public debt has now reached £656 billion in Britain, that number is actually "a tiny fraction of the vast iceberg of borrowing" which has left the country struggling to cope.
Urging prime minister Gordon Brown to acknowledge the full extent of the problem, the newspaper notes that personal debt in the UK has now reached £1,457 billion, or £58,733 per household.
The country's personal debt has reached record levels, making Britain the most indebted nation in the developed world.
Former prime minister John Major voiced his concern over the debt situation in the Times yesterday (November 14th), expressing dismay that the collective personal borrowing of British citizens has risen by 70 per cent in the last ten years.
In addition, financial experts believe debt levels will continue to rise next year as the economic downturn continues and more people become unemployed.
News article brought to you by DebtSolver – UK debt advice specialists.
Related News
Financial experts predict "insolvency explosion" - 14/11/08
The number of Britons taking out IVAs and initiating bankruptcy proceedings is set to rise significantly in the next three years, as more people require assistance to manage their debts
The number of Britons taking out IVAs and initiating bankruptcy proceedings is set to rise significantly in the next three years, as more people require assistance to manage their debts
Mortgage holders 'seeking help with IVAs' - 12/11/08
A growing number of homeowners are using IVAs to ease the pressure of mortgage payments and other debts, it has been claimed
A growing number of homeowners are using IVAs to ease the pressure of mortgage payments and other debts, it has been claimed
Stressed Brits 'under pressure from debt' - 11/11/08
A growing number of people in the UK are struggling with debts which have a detrimental effect on their health, it has been claimed
A growing number of people in the UK are struggling with debts which have a detrimental effect on their health, it has been claimed
Lenders 'must pass on rate cut' - 07/11/08
Banks and mortgage providers have been urged to pass on today's major interest rate cut to people struggling with debt immediately
Banks and mortgage providers have been urged to pass on today's major interest rate cut to people struggling with debt immediately
News Article Search
Quick Apply
News Archive