Average home set 'to have £10,000 debt', says new report
THE average UK household is set to owe close to £10,000 in debts such as personal loans, credit cards and overdrafts by the end of 2016 - a new high in cash terms, a new report claims.
Shoppers feel more confident about paying for items with credit cards
Total outstanding nonmortgage borrowing grew by nearly £20billion in 2014 to reach £239billion, marking the fastest rate of growth in a decade, says research from PwC. It warned that people's complacency over their ability to manage debt piles could lead to a resurgence in bad debt.
Simon Westcott, a director of PwC's financial services practice, said: "Old favourites such as credit cards are staging something of a revival."