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331 people are declared insolvent or bankrupt every day

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Did you know, that…

  • 331 people are declared insolvent or bankrupt every day. This is equivalent to 1 person every 60 seconds during each working day.
  • 101 properties are repossessed every day.
  • 68 new people a day became unemployed for over 12 months during the year ending November 2011.
  • £55,823 was the average household debt (including mortgages) in December
  • £171m was the daily amount of interest paid on personal debt in December

and

  • every 14 min 17 sec a property is repossessed

 

…according to UK Debt Statistics from Credit Action

Read more stats on creditaction.org.uk

 

About The Author

Mira Tekelova (Positive Money)

Mira has a background in economics and has spent the last 3 years doing independent research into the problems with our current monetary system. She works on the Positive Money campaign trying to promote the awareness about our debt-based money by the public. She became interested in the monetary reform ideas after she realized that the way money is created is the root underlying cause of poverty and most of our social problems today.

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In general: similar to a loan. To extend credit is to provide resources to a party without immediate repayment. In accounting: a record of the value transferred from an account by a journal entry