Household Debt hits new Peak

£428 Billion, that's the Level of Household debt according to a new report from the TUC.

Excluding mortgages, average debt per household rose sharply in 2018 to a new peak of £15,385, up £886 in a year, the research says.

The Bank of England says growth in consumer credit has been gradually slowing since the end of 2016.

Reliant on borrowing

Many families are not reliant on borrowing just to carry out daily life.

TUC general secretary Frances O'Grady has been quoted saying that “Household debt is at crisis level. Years of austerity and wage stagnation has pushed millions of families deep into the red”.

 

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