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PPI Claims: Finances 'more important than ever'

PPI claims may be helpful as new figures reveal the extent of the UK's ongoing debt situation.

Including mortgage debt, the average UK household now owes £55,822 according to Credit Action. Its October survey, which follows monthly trends, found the UK pays £175 million in personal interest each day and the total cost of all credit card purchases is now £1,278 million.

The survey revealed the problem is more than just an issue of debt; 1,775 people are made redundant each day and every 14.6 minutes a property is repossessed.

"That the October debt statistics show some concerning indicators will come as no great surprise," said Liz Dunscombe, director of project and partnership development at Credit Action.

She warned that in such tough economic conditions the careful management of savings and assets is more important than ever.

UK business secretary Vince Cable stated recently that Britain is a poorer country as a result of the financial crash and people were struggling between pay days.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800745452-ADNFCR

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