Consumer spending In this feature payday loans household debt mortgages Climbing the debt mountain After the economic crisis in 2008, people were actively seeking to reduce their debts, but now a new report by PricewaterhouseCoopers reveals that peoples love affair with plastic is blossoming again SOURCE: HOW BRITONS FELL BACK IN LOVE WITH BORROWING, PRECIOUS PLASTIC REPORT, PWC By the end of 2016, the average UK household is set to owe close to 10,000 in unsecured debt more than ever before In 2014, unsecured debt grew by 9%, consisting of: 9.1bn 6.4bn 4.2bn student borrowing other sources, such as personal loans/overdrafts credit cards a form of credit which is seeing a resurgence However, use of payday loans peaked at 2.5bn in 2013, and fell to 1.8bn in 2014 after a regulatory crackdown on the sector. It was 0.9bn in 2009 G Only 20% of people surveyed correctly estimated the cost of a mortgage G Only 3% correctly estimated the cost of a payday loan Credits Published You might also like Images: Shutterstock Thursday 7 May, 2015 Good Neighbours Stop Rogue Traders April 2015 To share this page, click on in the toolbar