As per the latest reports, UK households now owed more than £1.5 trillion, putting them among one of the highest indebted nations in major western countries. The government has been planning to cut the annual deficit but 2025 but the households of UK are unable to keep up with the debts, and it has only been increasing, about 7% has increased in debt compared with the charts of 2017. Many analysts don’t seem to be shocked as consumers are turning to their credit to buy essential items.

Bank of England shows unsecured credit has jumped to 4.9% that is to be adjusted with inflation in the past year. It has increased to £190 to £200 billion. Car dealerships have more than doubled as a new style of finance was introduced for purchase with lower interest. It was found that about £30 billion was owed to car dealerships in past years.

Mortgage debt has increased to about 2% in the last five years; the government revived the mortgage market after some banking scheme failed. Though, some critics believe that many people are given the scheme with normal conditions to take on huge debts. Students loan, on the other hand, has increased to more than half, which rose to about £100 billion. Many universities are funded by the government, as the annual fees have increased in recent years; it has become a burden to students who borrowed from the Student Loan Company. Studies believe that many graduates may not be able to clear their debts in coming years.

Council tax arrears have increased to about 12% as the unpaid bills in the water industry rose from £1.8 to £2.1 billion in a few years while the pending electricity bill is rising to about £1.4 billion. It is believed that the struggle of the household to maintain basic needs has led to unpaid bills. For more information please visit https://www.ivaonline.co.uk/

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ivaonline.co.uk/ IVA (Individual Voluntary Agreement) is a formal agreement between the creditors and consumer with low interest and affordable plan that is adjustable to your income. It can be easily registered online.

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