Britons have £1,000 extra in excellent money owed than they did a 12 months in the past – up 31%
Britons have about £1,000 more in outstanding debts than they did a year ago, Tesco Bank says.
The average balance has now hit £5,400, rising as high as £6,500 for those aged 35 to 54 – an increase of 31 per cent compared with last year’s £4,928.
Borrowers aged 55 and over also now owe £4,812 on average – up from £4,327 12 months ago.
The East Midlands is the debt capital of the UK, with people owing £8,000 on average, ahead of Yorkshire and the Humber (£5,802) and London (£5,755).
Burden: The average debt balance has now hit £5,400, rising as high as £6,500 for those aged 35 to 54 – an increase of 31% compared with last year’s £4,928
Unsecured borrowing includes credit card debts, overdrafts and payday loans.
Mamta Shanbhag, borrow director at Tesco Bank, says: ‘Addressing money concerns now is the best way to put your best financial foot forward for 2025.’
