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UK Households Sinking Under Debt Burden

It is only after the mist has cleared on one of the longest running economic booms in the history of the UK that the fuller picture is now visible. As house prices were moving higher and employment was pushing ahead it seemed as though there was not a cloud in the sky. Then the dark clouds of the credit crunch moved in and it began to rain and rain. So what is the overall debt picture in the UK?

Figures from the Office of National Statistic (ONS) show that the average UK household is now in debt to the tune of 173 percent of annual incomes. Not only is this a large increase from the 129 percent figure just 5 years ago, it is the highest ever record among the G7 group of nations. The UK is officially sinking under a massive weight of debt with debt financing costs still moving higher!

While there are some that will not believe the figures can be any where near as bad as they look, these are from the acclaimed ONS, the central office for statistics in the UK. As the UK economy continues to slowdown we are only now beginning to see the affects of Gordon Browns fiscal skills from his time as Chancellor.

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