Personal debt higher than GDP
Personal debt in the UK is higher than the income generated by the country as a whole for the second year running, research shows.
The amount owed on mortgages, loans and credit cards rose 7.3% during the year to the end of June to £1.444 trillion, said accountants Grant Thornton.
But during the same period gross domestic product rose by only 5.1% in nominal terms to £1.41 trillion.