Half of all homeowners were burdened by debts on their credit cards, overdrafts and loans during the height of the recession, a report has shown.Stats from the Office for National Statistics (ONS) show that the average household owed £3,200 between 2008 and 2010.It found that the only part of the UK where household debt did not rise was in London. The north-west of England was where household debt had risen most as the ONS noticed a 41.7 per cent increase.However, other recent reports have shown that consumers are turning away from borrowing in loans and on credit cards.The Bank of England reported in December that in spite of rising living costs, consumers were trying to pay down debts. It said that people were increasingly less likely to borrow money as they measured a drop in consumer credit from £377 million to £207 billion, the biggest drop in a month since records began. It did not take mortgages into account.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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