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The latest financial statistics for June reveal that the total level of personal debt in the UK has risen to £1,436 billion, a rise of £6 billion on the previous month. At £1,207 billion, homeowner mortgages account for the majority of this figure, while the total figure owed in secured loans stands at £6.4 billion.  

Although secured loans represent just a fraction of the total overall figure, it could be that they may have played a part in the 8.4% rise in total money owed that has been witnessed over the past 12 months.

It would appear that high levels of personal debt are becoming a defining characteristic of the current UK economy, with the average British person owing more than £30,000. Average household debt is even higher, standing at nearly £60,000.  

Looking only at households that have mortgages, these figures skyrocket, as families with mortgages on their homes owe an average of £102,070.  

And with the total of level debt increasing by around £1 million every five minutes, secured loans undoubtedly account for a fraction of this figure.