Survey says area is sixth most indebted in the UK
A national survey by credit monitoring group Experian has shown that Chiswick is the sixth most indebted part of the UK with over £40,000 borrowed per person. The report includes mortgages, HP arrangements and other loans.
Richmond has the highest level of debt per capita with an average of £53,533 of which over £50,000 is mortgage debt. As the figures are per person it is likely that the average family debt is over £100,000.
The areas with the most debt correspond to places with higher property prices. This would mean that higher interest rates would have an immediate impact on the spending power of local residents. The lowest area for debt in the UK was Chesterfield where the average was £12,192.
UK's Top Ten for Debt Richmond-upon-Thames |
Wandsworth recorded a large increase over the past year with debts rising by more than 20%
Experian holds records of what people owe on mortgages, personal loans, overdrafts, credit and store cards, and hire purchase agreements for items such as cars and televisions.
Jim Hodgkins, managing director of the credit checking service CreditExpert.co.uk, which is part of Experian, said: 'Those with the highest levels of borrowing are the most at risk and it is vital that they stay in control of their finances.'
August 27, 2008
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