What's The Average Personal Debt in the UK?

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People facing debt: Could you write off some debt? Get started here: moneynerd.co.u...
Struggling with debt and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pc...
In this video, we explore the current state of personal debt in the UK. We discuss the various forms of personal debt and identify the factors contributing to the rising levels of personal debt in the country.
With data from multiple sources, including the Office of National Statistics and The Commons Library, we offer insights into patterns and changes in UK personal spending habits.
Additionally, we provide tips for managing personal debt, including creating a budget, considering debt consolidation, and seeking help from organizations like StepChange and the National Debtline.
Read more about the Average Personal Debt in the UK here: www.moneynerd....
The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

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6 сен 2024

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Комментарии : 19

@MoneyNerd 11 месяцев назад

Struggling with debt and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pctbx.net/c/2873512/2107196/9320

@ep1929 10 месяцев назад

I've always hated the idea of being in debt, wasn't even keen on having a mortgage, I did get a mortgage on a run down house for £83,000 back in 2010, I renovated this house and I overpaid this single handedly and made final payment in spring 2023 - the house is now worth £250,000. One bit of luck I had was the ultra low interest rates for the 13 years of the mortgage.

@MoneyNerd 10 месяцев назад

Hi @ep1929, thanks for sharing your experience! Wishing you the best of luck ahead.

@GloriEKAe Год назад

So educative and so on point. Thanks

@MoneyNerd 6 месяцев назад

Hi Gloria! thanks for watching and glad you found the video helpful

@grandpre9442 2 месяца назад

I can honestly say, I don't know anybody in any real debt. Not unaffordable debt. Such a big deal gets talked about in general conversations. But when I hear people say they are struggling, they tell me they are flying out to Turkey, Spain etc.... in the next sentence. Wierd times.

@stuartmc18 8 месяцев назад

£33410. Including mortgages. WHAT????

@Funkybassuk 9 месяцев назад

I just paid off my debts last month. What a relief!

@MoneyNerd 8 месяцев назад

Hey Funkybass, congratulations!

@findAplaceToCallHome Год назад

It’s so alarming that the student loans are not considered a debt. This is a ticking time bomb. The government will at some point privatise these loans and then we’ll end up like the US

@petermccarthy4525 Год назад

Interesting video. You will know more than me, but presumably much of the unsecured debt, which is considerable, gets moved on; often sold to a third party (debt collectors etc). This is an interesting point because there’s division on what this amounts to. To what extent are we bound to pay a third party? The bills of exchange act is open to interpretation. But the general feeling might be that emergency owe a third party absolutely nothing. There isn’t the clarity we would want but contract law, goods and services act, bills of exchange, as well as exposing anything a bit fishy, might help. Keep it going long enough and a debt isn’t enforceable. Be strong Peter

@MoneyNerd 10 месяцев назад

Thanks for sharing, @petermccarthy4525. I do want to point out that settling a debt is still the best way to solve a debt problem, and that there are several solutions you can choose depending on the situation.

@petermccarthy4525 10 месяцев назад

Thanks. We just need to be careful. We can’t give John Doe or Curry’s money just because they ask. It comes down to what was agreed and what we didn’t agree won’t be enforced. Nerd, there isn’t a piece of paper that resolves this for us, neither Magna Carta or Halisburys laws of England. It takes a lot of work

@MoneyNerd 10 месяцев назад

I agree 👍

@jasonmadelin3633 6 месяцев назад

All I can say is a fool and money are soon parted but the bigest type of fool takes on debt for a new car or holidays etc,borrow to invest fine borrow to keep up with next door crazy. Drive an old car and save save save when you have money you can make money.

@MoneyNerd 6 месяцев назад

Hi Jason! thanks for sharing your thoughts. Have a nice day!