/24-7PressRelease/ - LONDON, UK, February 26, 2006 - The debt problem in the UK has become even more severe with the total debt burden overtaking the total income of Britons. The total debt has outperformed the total income in both absolute numbers and percentage growth.
The total business and industry revenue in the UK increased by 1.8% in 2005 to 1,127 billion, whereas debt burden of Britons increased by 10% to 1,158.
Insolvencies have touched a new high in the UK. The number of people in England and Wales unable to pay their debts has increased to 57.1% in the last quarter of 2005.
There has also been an increase in the number of court orders made to repossess homes. The reasons for the tendency of borrowing are low rates of interest and increasing house prices.
According to a report, singles are more likely to suffer from the debt problem than married people in the UK. The report suggests that more than one million singles have debts of more than 10,000.
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