World Economy

UK Household Debt Rising

UK Household Debt RisingUK Household Debt Rising

A study by Britain’s Trade Union Congress found that consumer credit and student loans was £319 billion ($466 billion) in the third quarter of last year, a record high, Business Reporter said. The total unsecured debt, excluding mortgages, is above the £290 billion peak in 2008 ahead of the financial crisis, said the report. Debt per household increased by £600 to £11,800 in the third quarter of 2015 compared to a year earlier, the research showed. The TUC said the growth of consumer credit should worry the government as a signal that “fundamental problems” with the economy have not been fixed.