Household debts have risen to £1.5 trillion for the first time in the UK, new statistics reveal.
Indebtedness is growing at the quickest rate since before the credit crunch of 2008, says the Money Charity. The BBC reports that UK adults owe an average of nearly £30,000 each – mostly in mortgages, but also in loans and credit cards – 83 per cent of the country’s annual economic output. Some 87 per cent of this debt is in the form of mortgages, secured by property. But UK adults also now owe an average of £3,737 in loans and credit cards.Tesco Bank
Tesco Bank has stopped online payments for current account customers after money was taken from 20,000 accounts.
The bank’s chief executive Benny Higgins told the BBC he was ‘very hopeful’ customers would be refunded within 24 hours. About 40,000 accounts saw suspicious transactions over the weekend, of which half had money taken, he said. Customers will still be able to use their cards for cash withdrawals, chip and pin payments, and bill payments.
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