Debt - When we say you’re not alone we mean it

Here’s some statistics to frighten us all. There was:

- £546 billion of debt secured against homes in July 2008
- £32 billion outstanding credit card debt on £68m credit cards in July 2008. Up £3 billion from the same time last year!
- £66 billion of personal loans were outstanding in July 2008
- £9.7 billion in overdrafts were outstanding in July 2008

This gives us a total of £653.7 billion of personal debt.

It will come as little surprise that there were nearly 15,297 people made bankrupt in the UK April to June 2008. 84% of these declared themselves bankrupt! There were 9,256 new IVA in the same period.

We have had the party of parties in the UK. Spending now with little thought for the future. Now we are suffering with a serious hangover.

You can’t fix the big picture, but you can solve your own finances with better money management, good debt advice and positive action.