Where in the UK is Most Affected by Debt?
The UK public owed a staggering £1,749.2 billion in debts, at the end of September 2021. This has shot up by £63 billion from the previous year. With Covid 19 still affecting us in our personal and financial lives, the UK is sinking further into debt. Did you know the average household in the UK has a credit card debt of £2,058?
If you are struggling with credit card debt our friendly team of experts may be able to help you in arranging an affordable repayment plan.
Debt affects every region in the UK, with the average debt per household, including mortgages totalling £62,938 (November 2021).
Which regions in the UK have the most debt?
We can work this out by looking at the percentage that people owe in correlation with their income.
Largest percentage owed:
Lowest percentage owed:
Several factors contribute to high percentages of debt. Typically, it is regions with lower average incomes situated in inner-city or metropolitan areas. These areas are where the cost of living can be more expensive due to the location, but wages may still be below average.
How Covid has affected debt in the UK
The last two years have affected us in many ways and one of those ways is financial. As a result of the pandemic, many people have lost work or found themselves worse off financially. In the UK, the number of people who are in severe debt almost doubled between March 2020 and November 2020. It was estimated in November 2020 that 1.2 million people were in severe debt in the UK. This is a figure that’s forever increasing as the pandemic continues to affect us all.
Worried about your debts?
Are you worried about your debts? At DFH we can help you to find a solution and get you back on the right track with your money.
If you are looking to talk to someone about possible debt solutions for you and repayment options call one of our expert advisors today.Apply Now