Many consumers may need debt management solutions as debt overtakes earnings
Many consumers may need debt management solutions as debt overtakes earnings
Wednesday 27th May 2009
According to the figures from comparison website Confused.com, which highlight the average debt per person compared with the average salary, for every £1.00 earned in each year's salary, a person will owe £1.02 in debts.
The amount differs across several regions in the UK, with people in Kingston-Upon-Thames facing the biggest debt mountain because they owe 169 per cent of their annual income, followed by residents of Watford, Horsham, Bromley and Bromsgrove.
People from Manchester are less likely to require debt management solutions in comparison, due to the fact that they owe on average only 51 per cent in debts of every pound earned in their annual salary.
Credit cards, mortgages, loans and hire purchases were also studied, revealing that residents of Chester-le-street are left with debts from previous credit that averages £3470.79 per person.
People with the biggest mortgage commitments are those based in Richmond, Surrey, owing £49,562.82, followed by residents of Putney in London and Kingston Upon Thames, Wandsworth and Chiswick, which are all in Surrey.
"This study provides a significant insight into the lending responsibilities and borrowing commitments of people in the UK," said Confused.com head of savings, loans and debt Gemma Stanbury.
"As we face continued uncertainty and increased financial pressures, it is good advice for all to become more aware of what they are spending and on what. Where spend and debt can be reduced, efforts should be made to ensure it is done."
Figures from debt charity Credit Action place the average household debt in the UK, including mortgages, at just under £60,000.
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