Recent figures regarding UK debt statistics reveal an increase in the average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans.

At the end of September 2011, the average amount of money borrowed from banks or financial buildings has risen to £4,247 per average UK adult.

According to figures from Credit Action – which are published every month and show month-by-month trends – Brits are further in debt than ever before.

By the end of last September the total UK secured lending on dwellings was £1,242bn, while consumer credit lending to individuals stood at £209bn.

Furthermore, net lending increased by £1.0bn; net secured lending did so by £0.3bn in the month; and net consumer credit lending rose by £0.6bn.

Further figures

While £55,795 is the average household debt among British people, £29,532 is the total average money owed by every UK adult.

Excluding mortgages, the average British household debt stands at £8,025. This figure, however, increases to £15,432 for the households who actually have some form of unsecured loan.

The total value of all purchases made using plastic cards today stands at £1,278,000,000, according to the study.

In the last 12 months, Brits paid up to £63.4bn on interest repayments on personal debt; with the average interest paid by each household on their total debt being approximately £2,440 per year.

Despite these updated figures, a recent report from the UK Cards Association revealed a sharp reduction in the use of credit cards generally from 2005.

In the mid 2000s, the credit card market experienced a marked decline. During the second half of the decade, credit card usage decreased significantly, while consumer spending on debit cards almost doubled from 2005 to 2010.

Today, possibly due to the financial recession, Brits are generally more aware of the money they spend or borrow.

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