Unsecured debt such as credit cards and loans at highest level in a decade, charity warns
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Stepchange Debt Charity has raised the alarm that people struggling with their finances are turning to credit more than ever.
By Isabella McRae
Unsecured debt was at its highest level in a decade in 2023, a leading debt charity has found. Stepchange Debt Charity’s annual statistics showed that the average unsecured debt was £14,654 in 2023.
Unsecured debt accounts for all debts recorded at the time of advice, other than arrears on essential household bills and secured lending against a property.
It’s up by more than £1,000 on the previous year, the rise driven mainly by higher amounts of credit card and personal loan debts.
On average, one new person requested full debt advice every three minutes last year.
Vikki Brownridge, chief executive at Stepchange Debt Charity, said: ‘Over the past year we’ve really begun to see the impact of the cost-of-living crisis take hold. Particularly among those on low incomes, household financial insecurity is a growing threat. Both a rise in househo...
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