Portsmouth reports big spike in personal debt

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A report has discovered Portsmouth’s level of personal debt has increased by 25.1 per cent in the last financial quarter.

Quarter two has seen a significant increase in the level of individual debt held by people in the Portsmouth region, according to the latest UK Personal Debt Index.

The report found that individuals average unsecured debt in the area had risen to £17,366.

Unsecured debt (any debt not protected by a guarantoor or asset) includes bank and payday loans and credit card debt.

The index is put together by insolvency practice Creditfix. The company surveyed over 60,000 people across the country.

The report also reviews the age of people experiencing issues clearing their debt. Creditfix found a 15.9% increase in individuals over the age of 46 seeking help with debt.

CEO of Creditfix Pearse Flynn said: ‘It’s a worrying sign that the level of personal unsecured debt is increasing. The Bank of England continues to raise its concerns that consumers may be embarking on another credit binge.