UK households are racking up debt at the fastest pace since before the financial crash, with the average adult now owing on average £30,000, according to a new report by the Money Charity, adding this figure is predicted to rise. Britain's household debt hit a record high of £1.5tn at the end of September, a YoY rise of £52bn, the report showed. Private debt is now 82% of GDP and 113% of average earnings. That followed a 2.3% increase the previous year. The Bank has been forced into an emergency meeting after it was revealed that its monetary policy committee (MPC) had voted unanimously in favour of raising interest rates for the first time in nearly two years.
UK households are racking up debt at the fastest pace since before the financial crash, with the average adult now owing on average £30,000, according to a new report by the Money Charity, adding this figure is predicted to rise. Britain's household debt hit a record high of £1.5tn at the end of September, a YoY rise of £52bn, the report showed. Private debt is now 82% of GDP and 113% of average earnings. The Bank has been forced into an emergency meeting after it was revealed that its monetary policy committee (MPC) had voted unanimously in favour of raising interest rates for the first time in nearly two years.