Household debt in the UK has reached a new high. Figures from the Bank of England show individuals now owe a total of £1.43 trillion, including mortgage debt. This is slightly above the previous record set in September 2008.
The precise amount of total household debt is £1,429,624,000,000. That compares with the previous high of £1,429,595,000,000 in 2008, a difference of just £29m.
This means that on average each adult in the UK owes £28,489 including any home loans.
It is always prudent to ensure you have adequate protection in place to repay any loans if you are unable to work or die. Life assurance, critical illness cover and income protection cover may cost less than you imagine.
Contact us today and speak with an independent financial adviser to ensure you and your loved ones have the correct protection in place.
Figures correct as at November 2013.