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Debts in the UK, including credit card debt and personal loans, rose 11% to £119bn in the two years to March 2018, according to the ONS. Average household financial debt rose 9% to £9,400. Much of the increase is a result of higher student loan and hire purchase debt. The figures include £32bn of student debts, which many will never pay back.
As the industry has grappled with ensuring the Right Outcome, the outcome sought by the borrower — and, let’s face it in this election campaign, the politicians — seems to be to borrow more and spend lots!