The BBA (British Bankers’ Association) have revealed figures showing which parts of the country have the most personal debt per head, sometimes so finely tuned that it identifies a single postcode. The ‘top’ areas in the released figures are the Lansdown area of Bath and villages in the vicinity; the City Road area in Shoreditch, London and the village of Alnwick in Northumberland. The figures were arrived at by calculating the total amount of debt for the area and then coming up with the average amount of debt per head.
Not everyone has debt but if you do, it can be a burden
Like all statistics, the differences are small at the top end and also do not include all lenders, so the £2k+ that is the average in the hotspots could be more or less, depending on the ‘missing’ figures. The figures also are only concerned with personal loans, not those secured against property or other valuables. Dissolve Debt speak to many people every day for whom personal debt has become a burden and with quick fix finance being easy to get, it is very common to find people who take out a payday loan to cover an unexpected expense and find themselves in a spiral which seems to be endless. Although there are more controls now on advertising of short term loans, they are still very tempting and many people take out more than one, which is usually a recipe for disaster. Some companies actually advertise offers such as lower rates for returning customers, which tempt people to borrow again.
Are you the average?
The ‘average’ borrower in the top areas listed by the BBA has around £2000 worth of debt but of course in any average many people are above or below the line. Affordability is the key to any loan you take out and also everyone should make sure they are honest with themselves as to why they are taking out the loan and how often they need recourse to extra borrowing. Figures which give average levels of borrowing are taken with a pinch of salt by most people but some who are looking for validation will be pleased to see that others share their degree of indebtedness and even make it an excuse to borrow more, should their personal level be ‘below average’ for their area.
Dissolve Debt is here to help
If you are worried about the level of debt you are carrying and especially if you find yourself taking out regular short term loans to manage your money every month, then Dissolve Debt can help. We’ve been in the debt management business for ten years, so call us today on one of our Freephone numbers – 0800 0122 111 from a landline, 0161 926 7670 from a mobile – or if you prefer, fill in our online consultation form and one of our experts will get back to you very soon. Worrying about debt doesn’t help; speaking to Dissolve Debt does.