Personal debt in the UK is higher than the income generated by the country as whole for the second year in succession, according to research released today.
The total amount of money owed by consumers through mortgages, loans and credit cards now stands at a massive £1.44 trillion after a credit-crunch defying 7.3% increase on last year.
Over the same period last year, gross domestic product (GDP) rose by only 5.1% in nominal terms to £1.41 trillion.
As a result it would take until January 8, 2009, to pay off the UK's outstanding consumer debt from GDP during a calendar year.
