Debt in UK grows 1 million pounds every 5 minutes

The latest figures from Credit Action show that personal debt in the UK grows by £1 million every fives minutes, as the interest on arrears continues to piles up.

The other 'striking numbers' that the group are particularly interested in are the 292 people a day in Britain becoming bankrupt or insolvent as their debts become insurmountable.

£257 million a day is spent on interest alone in the UK with many people paying more than they probably have to for their loans, credit cards and other finance agreements.