New figures from the Bank of England have shown that household debts, excluding mortgages, have increased by over £5 billion in the past year.
The rise is the largest since the recession and means that UK households now have £208 billion of outstanding debts on credit cards, overdrafts and bank loans.
The average UK household now has debt, again excluding mortgages, of £9,070 and the level is rising, just last month debts increased by £629 million.
Rising living costs
Economic experts believe that as prices rise faster than wage increases some people are having to borrow just to meet the day to day cost ...