Personal debt soaring

Personal debt set to reach £2.5trn by 2020

Levels of personal debt are expected to rise by 62% by 2020, reaching £47,195 of debt per adult, of which £34,124 would be mortgage borrowing, according to a new study. The Office for Budget Responsibility estimates adults currently owe an average of £29,126. The rise, predicted by The Money Charity would put total UK personal debt at £2.5trn by the end of the decade. A separate study by the Debt Advisory Centre warned that 12% of Britons are turning to credit just to buy groceries and other basics report Harris & Co chartered accountants Northampton