The latest UK debt figures have found that the total UK personal debt at the end of March 2009 stood at £1.459 trillion, a huge debt problem, but one that is slowing down.

CreditAction, the debt charity, has calculated that debt figures have slowed further to 2.2% in the last 12 months which equates to an increase of just £28bn compared with the increase of £116bn in January 2008.

Total consumer credit lending to individuals at the end of March 2009 was £232bn. Thankfully this has also continued to fall by 3.2% in the last 12 months. CreditAction found that total lending in March 2009 grew by £0.9bn and secured lending grew by £0.8bn in the month.

But these numbers are still astronomical; the average household debt in the UK is around £9,280, excluding mortgages. Also, this figure increases to £21,580 if the average is based on the number of households who actually have some form of unsecured loan.

The only way to reduce debt is to find ways to pay it off, and that isn’t easy if you owe more than £9,000. You need to consolidate and plan a way to pay off the debt as best you can. Using your home’s equity is a great way of doing this – it turns several costly loans into one, affordable loan. This means you have time and space to clear the debt.

Debt is slowing, which shows people who do owe money are seeking ways to slowly turn the tide. But the UK isn’t out of the woods yet, it’s going to take a lot more hard work and sacrifice. But it’s worth it – if you eventually find yourself debt-free it will be the best feeling in the world.

SOURCE: CreditAction, 01/05/09

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