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Banks and Building Societies write-off £20.1 Million every day

Banks and building socities are writing off millions of debt every day. What should you do if you are struggling with unsecured debt repayments?

In the last 12 months UK banks and building societies have written off a staggering £9.9bn worth of loans, £740 million of which is credit card debt, to UK individuals. This equates to just over £20 million every day.

These latest UK debt statistics from the national charity Credit Action also report the total personal debt in the UK as £1,452bn, which is more than the UK produces in a year.

In October 2010 total lending increased by £1.3bn, in comparison consumer credit lending in October 2010 increased by £0.3bn a small amount when taking into account the £8.4bn growth in January 2008.

Secured lending on property remained at £1,236bn for the end of October 2010.

Average UK household debt excluding mortgages is £8,556, including personal loans this figure increases to £17,825 and including mortgages the average debt is £57,624.

Craig Gedey, Market Manager at Debt Advisory Line said: “Anyone who is struggling with loan debts or credit card debts may be eligible to start a debt management plan.”

“Rather than consolidating debts with another loan a debt management plan helps you repay the debts you have at an affordable monthly repayment amount; after living expenses have been accounted for.”

“On average we help customers reduce their debt repayments by 49%.”

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