Total UK personal debt at the end of December 2010 stood at £1,452bn. The twelve-month growth rate decreased 0.1 percentage points to 0.7%. Individuals currently owe more than the entire country has produced during the last four quarters.
Total lending in December 2010 fell by £0.1bn; secured lending decreased by £0.3bn in the month; consumer credit lending increased by £0.2bn (total lending in Jan 2008 grew by £8.4bn).
Total secured lending on dwellings at the end of December 2010 stood at £1,238bn. The twelve-month growth rate decreased 0.1 percentage points to 0.7%.
When you are determining how to pay back your debts, you will need to identify the priority debts which need to be paid back urgently to mitigate harm to your credit record. Once your priority debts have been identified, you can focus on using your available money to settle these important debts first. Any additional money can be then applied to what you have classified as non-priority debts.
Debt is not always a bad thing and is often necessary. Here we provide an overview of how you can distinguish between what is good debt and what is bad debt. This is important to know before you make that next large purchase, buy that new car, or take out another credit card. It is almost impossible to live debt-free; most of us can't pay cash for our homes or our children's educations. But too many of us let debt get out of hand.
This article provides a brief overview of the top 10 things you need to know about managing your debts in order to pay them off quickly and efficiently. After reading through this list, you will be more knowledgeable about the "need to knows" of debt management such as why some debt is good, what bad debt is, the minimum trap, and why paying your mortage too quick is bad.
