The latest figures from Credit Action continue to paint a bleak financial picture for the UK, as more consumers continue to slip into serious debt problems during the credit crunch.
UK debt grows by £1 million every 7.3 minutes meaning that every single day the nation falls £254 million further into the red. Interest on arrears alone costs consumers £260 million a day.
With such severe debt problems, it isn't surprising to learn that 1 person becomes bankrupt or insolvent in the UK every 5 minutes, and 104 properties are repossessed a day.