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Household debt set to reach record high


The amount of unsecured debt per household is set to pass the pre-crisis peak this year, according to the Trades Union Congress (TUC).

New analysis from the TUC has found that unsecured debt per household will reach a record high of £13,900 this year, more than the £13,300 peak in 2007.

The TUC has also claims that unsecured debt per household is set to exceed £15,000 before the end of the next parliament.

“The surge in household debt is putting the economy in the danger zone,” said Frances O’Grady, general secretary of the TUC.

“We’ve got this problem because wages haven’t recovered.

“Credit cards and payday loans are helping to prop up household spending for now, but millions of families are running on empty.”

The TUC believes the growth in household debt should be a concern for all the political parties as the next government would inherit an economy which was heavily reliant on household spending to maintain growth.

Frances felt the government needed to act urgently and deliver the higher wages Britain needed for sustainable growth.

“A lot more government support is needed for the parts of Britain where well-paid jobs are in short supply.

“Communities that lack good jobs today could thrive tomorrow if they get proper investment in training, transport links, broadband and decent housing.”

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