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Unenforceable
Credit Agreements is registered and regulated under the Data
Protection Act. Reg. No. Z1620707 and licenced by the Office of Fair
Trading. Consumer Credit Licence No. 633327.
Unenforceable Credit Card Debt
Thinking about
unenforceable credit card debt we think of ways and means of preserving
our standard of life. Total UK personal debt burden as at Year end
2008 stood at £1,457 billion. This figure has decreased to 3.6%
over the last 12 months which is an increase of around £50bn.
Overall borrowing in the last month of last year grew by £2.2bn;
lending secured on property expanded by £1.9bn in that same
month; unsecured consumer lending increased by £0.3 billion
in the month as well. Average household debt in Britain is thought
to be about £60,000 (that includes secured loans). The average
owed by every adult in Britain is about £30,400 (including mortgages).
The average outstanding mortgage for the 12m households who currently
have mortgages now is about £105,000.
Here's more fairly
harsh figures: £252m is paid just in interest in the UK every
day. 124 properties become repossessed by the banks daily. nearly
1,500 workers are made unemployed every day, and also someone is declared
insolvent or bankrupt every 5 minutes.
But it clearly
hasn't just been people who have had to bear this. Business insolvent
cases have risen vastly recently and this increase has been particularly
sustained and prevalent in the years culminating in the recession.
In the final quarter of 2008 three thousand companies went into CVL
and this was a 62% increase on the same quarter in the previous year.
U.K. businesses have seldom faced more challenging times. When looked
at in terms of unenforceable credit card debt this really poses a trial for all of us.
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