UK Household Debt to Reach £84K by 2015

According to the figures released yesterday by the Office for Budget Responsibility, the debt will reach £2,126 billion or £84,000 per household within the next 4 years.

This includes mortgages, credit cards and other types of loans (car loans, personal loans, etc.).

At the moment, the overall debt stands at £1,628 billion but the Office for Budget Responsibility is determined that it will massively increase by 2015.

Let us remind that only a year ago the forecast of the Office for Budget Responsibility was less gloomy. In June 2010 the body expected UK debt to reach £1,823 billion by 2015.

Commenting on the findings, experts of UK debt adviser, Consumer Credit Counselling Service (CCCS), said that "It is all the little pressures that are adding up to hurt households, and erode their income." They highlighted that the major concern are families who do not earn enough money and have no choice but borrow.

The detailed report by the Office for Budget Responsibility is available in the Publications section on the official website of the Office for Budget Responsibility.