2000 people made redundant EVERY day!
Despite the UK creeping out of the recession last month, 1,995 people are still made redundant every day, according to figures by Credit Action.
The impact of redundancy often means that an individual is unable to pay bills, or make monthly mortgage payments- as a result 386 people will be declared insolvent or bankrupt every day and a property is repossessed every 11.2 minutes, according to figures.
Credit Action reported that the average owed by every UK adult is £30,252, including mortgages – this is 129 per cent of average earnings. Excessive borrowing and lending during the boom times has meant that total UK personal debt at the end of 2009 stood at £1,460bn, 0.7 per cent higher than the year before.
Average consumer borrowing via credit cards, motor and retail finance deals overdrafts and unsecured personal loans has also risen to £4,692 per average UK adult for the end of December 2009.
The Citizens Advice Bureau now has to deal with 9,300 new debt problems every day in England and Wales, but in a disturbing reflection of attitudes towards planning an financial literacy in the UK, more than a quarter of Brits are relying on winning the Lottery to help improve their financial situation.
This compares to just one in 20 who will seek professional help to improve their finances.
But in brighter news Credit Action also noted that banks are now more willing to lend. Total lending rose by £1.2bn in December – the first increase since June 2009.
