Consumers who are having to pay credit card charges may be despondent to hear the debt statistics for May. Money education charity Credit Action has revealed that the average household debt including mortgages is now £55,870. It showed that 1,392 people are made redundant on a daily basis and that the personal interest paid by UK consumers every day is £180 million. Joanna Parsley, associate director at Credit Action, said: "Although the amount owed by every UK adult has fallen by approximately £30, in light of rising credit card interest rates - which at an average of 19.1 per cent are now at the highest levels seen in 13 years- paying down debt has never been more sensible advice." She added that 2011 looks like it will be a year where household budgets are squeezed even further. The research revealed that, in the UK, a property is repossessed every 17 minutes. Charles Baker Charles is a reputed financial analyst with almost decades of experience under his belt.
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