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UK personal debt hits £1,459 billion
New figures show personal debt in the UK now totals £1,459 billion and there are no signs of the sum falling.
Although growth has slowed, figures released by debt charity Credit Action showed that total consumer credit lending for May 2009 was £233 billion.
The combined average household debt stands at £58,360 and Chris Tapp from Credit Action said he hopes the figures "act as a wakeup call to consumers, banks and lenders".
He warned that as the economy recovers, people need to think long term and sustainable to avoid the situation happening again.
A recent economic study of the UK by the Organisation for Economic Cooperation and Development said that in order to bring trust and growth back to the financial sector the British government should "continue to develop a comprehensive plan to rein back debt to a prudent level once the recovery has taken hold".
Credit Action figures show total lending in May 2009 grew by £0.6 billion; secured lending grew by £0.3 billion in the month and consumer credit lending grew by £0.3 billion.