There is a level of interest in personal debt in the United Kingdom and figures released recently suggest that the level of personal debt in the UK is rising. There are a number of factors associated with this rise but factors like the lower levels of wage growth than before and the abundance of cheap money has caused people to suffer financially.

The last time the survey was undertaken was in November 2014 and the level of personal debt in the country has risen by £245. As the level of UK personal debt rises, the rate is now at the event of 11 weeks of the average of the average wage, which currently stands at £503, or the equivalent of 7 months rent in England and Wales, which currently stands at £792 a month.  This means that a lot of people are dealing with sizable debts and it is important that people are aware of the potential danger and damage that can be caused by personal debt levels.

There has been good and bad news with respect to debt of late

There was some good news recently with the fact that the amount of people who are suffering from personal insolvencies has been falling, there has been some harsher news with respect to people’s finances. The recent report revealed that close to 40% of adults in the country are struggling to make their money last between paydays.

One of the biggest causes of concern for the growing level of debt was credit cards. Many experts suggest that the development of contactless cards, when you can pay without really keeping track of your finances is a big concern for most people. If people are just going to tap for payments without really thinking about what it means to their finances, there could be a lot of problems in the long term.

It was found that 11% of adults in the country currently have debts in excess of £10,000 and 4% of the country has debts of £20,000 or more. These are very worrying trends because it can be extremely difficult to impact on debts of this size or scale. There is a need for people to take on board what debt means and the negative impact it can have on their life.

When it comes to regaining control of your finances, it makes sense to consider all of your options. If consolidating your debts is an option that could help, be sure to consider a guarantor loan.