Unsecured debt hits record high in the UK

According to TUC analysis of ONS figures, unsecured debt in the UK has reached a new record level of £15,400 per household. The TUC general secretary, Frances O’Grady, said: “Household debt is at crisis level. Years of austerity and wage stagnation has pushed millions of families deep into the red."

Total unsecured debt in the country is now at £428 billion, accounting for 30.4 percent of household income in the third quarter of 2018. O'Grady added: “The government is skating on thin ice by relying on household debt to drive growth. A strong economy needs people spending wages, not credit cards and loans.”