UK’s £100 Billion Debt Interest Mountain
Posted by Tom Wilkins on Wed 4th July 2007 at 06:00 AM, Filed in Credit News
UK’s debt interest repayments are now reaching scary proportions with annual bills expected to hit £100bn for the first time.
This mountain of serviced debt now equates to approximately £1 in every £8 spent by UK households according to Grant Thornton.
This debt interest is broken down into £72.8bn related to mortgages and £ 28.7bn related to credit cards, loans and overdrafts.
The scary bit is that with an estimated 25 million households these figures add up to an average of £4,000 each. It surely must be a matter of time before recent interest rate rises by the Bank of England have serious consequences for those even slightly over extended
Might be time to hunker down with the tin hats!!
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