Motley Fool: Warning Signs For Homeowners!
November 16th, 2006 | POSTED BY ROB
Every month, figures from the Bank of England show that the UK’s mortgage debt continues to soar. Here’s how it’s exploded over the past decade:
YearMortagedebt (£bn)Increase(£bn)Growth%1996409–199743122519984562561999494388200053642920015915510200267483142003773991520048761031320059669010Sept 20061,046808
So, from December 1996 to September 2006, our mortgage debt has grown by an average of 10% a year compounded. What’s more, our non-mortgage debt (including credit and store cards, overdrafts, personal loans, student loans, etc.) has shot up even faster, rising from £79 billion in December 1996 to £212 billion today, at a rate of almost 11% a year. Ouch!…
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