Debt per household rose sharply in 2018

Working families are worse off today than before the financial crisis, an analysis shows.

The report by the TUC shows that household debt rose sharply over 2018, with unsecured debt (debt other than mortgages) reaching new highs.

Unsecured debt per household rose to £15,385 in the third quarter of 2018, which is up £886 on a year earlier.

Total unsecured debt rose to £428bn in the third quarter of 2018 – a record high and well above the £286bn peak in 2008 ahead of the financial crisis,

TUC general secretary Frances O’Grady claimed that years of austerity and wage stagnation has pushed millions of families deep into the red.

“Our economy is not working for workers. They need stronger rights and bargaining powers,” O’Grady added.