"The Credit Action Debt
Statistics were published on 3rd October. Any thoughts?"
I have touched on these figures
above. Whilst there are some encouraging signs, such as the total amount of
credit card debt continues to fall and outstanding unsecured consumer credit
was down £9bn at £156bn on the previous year, there are still causes for
concern.
Every 15 min 30 sec a property is
repossessed and every 4 min 49 sec someone will be declared insolvent or
bankrupt. 904,000 people had been unemployed for over a year between May and
July 2012 and total outstanding personal debt stood at £1.412 trillion at the
end of August which is up from £1.407 trillion last year. These are depressing
figures.
Clearly as a country we have some way to go to
get out of this gloom and reach growth as suggested by Ernst and Young. There
are still some tough times ahead.
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