The average household is now £55,808 in debt, according to the money education charity Credit Action. Meanwhile the average amount owed by every UK adult is nudging £30,000.
Interest on the debt is being charged at £174m every day, while every 14.28 minutes a property is repossessed, the charity said.
And those in debt are facing the pressure of Christmas, warned Michelle Highman, chief executive of Credit Action. "All of us are facing a really tough time this Christmas. Over the course of the next few weeks there will be significant pressure for us to increase our spending and possibly borrow more to fund it."
Research published today by National Savings and Investments suggests that as much as two-fifths of the population are risking financial worry by spending more than they planned to at Christmas. Women are most likely to succumb to overspending at Christmas, with almost half going over their budget, said NS&I.
The good news is that many people have a Christmas spending strategy to ensure they don't go over-budget. Around one in 10 have agreed a spending limit in advance with friends and family, while more than a third shop in the sales to cut costs.Reuse content