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Debt in United Kingdom an overview

As per the report of the Department of Trade and Industry on the MORI Financial Services survey 2004, the vast majority of people in Great Britain do not face any problem while repaying their debts. In UK, the most number of defaulters are found while paying the gas and electricity bills as per the survey made by MORI say. Despite that there has been a considerable increase in the amount of consumer debt in recent years. This report focuses the following issues:

• How can we know that we over-indebted?
• Who is over-indebted?
• Whether the debt situation is getting worse. view the DTI report

Consumer debt is on the edge of exceeding UK's annual national income. There has been a vast increase in the secured debts such as mortgage and credit card debts over the past few years and the rate of debt has enhanced in such a flow that Economist has started inferring as ĹÂlarming levels?

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