Monday, 25 June 2007

The debt disaster: 9% of UK family income spent servicing debt

"Those who lend money without charging interest, and who cannot be bribed to lie about the innocent. Such people will stand firm forever." Psalm 15:5


The average British family now spends more of its household income on servicing debts than at any time over the past 10 years. Figures published today by the Liberal Democrats show that the average household now spends 9 per cent of its income on interest charges, a fifth more than in 1997.

The figures, based on answers to parliamentary questions tabled by the Liberal Democrats' shadow Chancellor, Vince Cable, reveal that interest costs have risen from 7.5 per cent of household income in 1997 to 9 per cent today.

The figures also reveal that the average family's total personal debt now accounts for 164 per cent of their annual income, the highest figure in the developed world, and the highest figure in the UK's history. In 1997, the figure stood at 105 per cent. Read more

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