UK Families Have High Debt Levels

According to a study done by Pricewaterhousecoopers, or PWC, published in its Precious Plastic report, the average household in Britain has nearly £8k worth of debt from loans, overdrafts and credit cards.  This despite trying for the past three (3) years to pay down the debt.

The report stated that British families paid off around £355 of unsecured debt in 2011, but they still had on average around £7,900 left; making UK families among the most indebted in the world.

I could think of a few other titles I would prefer us to have.

So we are trying to pay down our debt, but obviously if we are still using the credit cards ro taking on other loans, the real balances will not diminish much.

PWC also stated that nearly one million credit cards were discarded last year, and the credit card may be on its way out.

People are using online lenders, payday loans, debit cards, mobile payments, etc, especially the younger generation.

Speed passes are being used in America for people to pay for petrol and some other items.  They are small object you keep on your key ring and just waive it over a symbol an payment is taken from your account.  You are seeing more and more of this type of payment being taken and the bus systems in many towns have something similar.

So we’re in debt and struggling to get out of it. Nothing new really, but I don’t like that term most indebted in the world.  That’s a bit scary if you ask me.