Personal debt rises to £1.44trillion in UK

Aug 22 2008 Daily Record

PERSONAL debt in the UK has outstripped the country's GDP for the second year running.

The total amount owed on mortgages, loans and credit cards rose by 7.3 per cent to £1.44trillion during the year to June, according to accountants Grant Thornton.

During the same period, gross domestic product - the UK's generated income - rose 5.1 per cent to £1.41trillion.

The firm said growing debt was a "continuing problem".