“Broken economy” is driving record levels of household debt, warns TUC

Low pay, insecure work and austerity are feeding a growing debt crisis, the TUC has warned today (Thursday).

New TUC analysis published today shows that:

  • Unsecured debt per household rose to £15,880 in the first quarter of 2019, up £1,160 on a year earlier.
  • Over half of households report having unsecured debt, most commonly in the form of credit card debt (60%), overdraft (28%), personal loans (25%) and car finance (25%).
  • Young people are disproportionately likely to be in debt. 70% of 18-34 year-olds report having a type of unsecured debt. This drops to 33% among people over 65.

Read the full article on this link to the TUC