Credit Action reveals UK's May debt figures

A sum of £30,000 is owed by the average UK adult when their mortgage payments are taken into account, according to new figures.

Credit Action has revealed that this statistic is 126 per cent of the wages earned by the country's average adult.

Meanwhile, the organisation's debt figures relating to May have also shown that a sum of £220 billion had been lent to people in the form of consumer credit lending by the close of the month.

Over the course of the four-week period, a £1.5 billion increase in overall lending was witnessed, Credit Action believes.

Towards the end of last month, separate lending figures published by the Bank of England revealed that May saw a £0.1 billion rise in the amount of money being provided to people looking to get credit card finance.

The Bank also recorded a £0.3 billion growth in overall consumer credit.

Posted by Gemma Walker.