Debt growth slows down

The level of UK personal debt continues to grow more slowly, new figures have indicated.

Statistics from Credit Action have shown that the increase in debt was down by 0.1 per cent between July and August, reducing the annual rate of increase to 0.8 per cent.

This makes the total of UK personal debt 1,457 billion.

Many people owing part of that amount could be struggling with debt management issues and may benefit from moves such as taking out a loan or credit card at a lower rate of interest than they are currently paying.

The average Briton owes £4,760 in unsecured borrowing and has to pay £2,645 each year in interest payments, the charity noted.

Such borrowings include credit cards, loans, purchase agreements and overdrafts.

Earlier this week, a survey by Simplyhealth found that for 36 per cent of Britons a major regret has been not taking more care with their money in the past.

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