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Personal debt grows by 250,000 a minute

The UKs national debt mountain is growing by 250,000 a minute, according to studies by Credit Action.

The report, based on Bank of England statistics, showed the national debt to be at 1.278 trillion, of which mortgages accounting for 1 trillion of that debt.

Without mortgages, personal debt stands at over 4500 per adult in the UK, with mortgages the average household debt is 52,811.

A spokesman for Credit Action says: Property looks like a very attractive investment in the UK, but not if the investment is more than you can realistically afford.

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