Household debt will reach record high in first year of new government, says TUC

Topic Selected: Families and Parenting

General Article icon Type: General Article
  • Unsecured debt per household will pass pre-crisis peak this year, and exceed £15,000 by 2020
  • Low wage, low investment model is pushing the economy into the danger zone, says TUC 
  • Next government must deliver plan to address living standards crisis

The TUC is today (Thursday) publishing new analysis of household debt, which finds that unsecured debt per household will reach a record high of £13,900 this year.

Unsecured debt per household was £13,200 in 2016 – the highest figure since the financial crisis, and only marginally below the peak of £13,300 in 2007.

The TUC analysis also finds that unsecured debt per household is set to exceed £15,000 before the end of the next parliament (all figures are in 2016 prices).

The rise in household debt reflects the UK’s ongoing living standards crisis, says the TUC. Wages in the UK are still worth around £20 per week less than before

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