New data released by Credit Action has shown that the average amount UK adults borrow using their credit cards, motor and retail finance deals, overdraft and unsecured personal loans jumped to £4,708 in November 2009.
The latest statistics also showed that the average household debt currently stood at currently £9,016. But the amount could rise to £18,784 when unsecured loans are taken into consideration. The figures do not include mortgages, it was learned.
It also highlighted the growth in the amount average adults borrowed last year as the economy was faced with the worst recession since WWII.
Taking into account mortgages, the average household debt could reach £57,888 the data showed.
Financial experts are advising credit card holders to move all their credit cards debts on to a card that offers zero percent balance transfer fee with a good interest rate. Such move would give them a more effective way in debt management and paying off their credit balance.
Experts are advising consumers to look into credit service providers, including BT, MBNA Rewards, National Trust, RSPCA, AA, Arsenal, Aston Villa, Liverpool, Manchester Utd, Chelsea, Tottenham Hotspur, Sony and WWF and check out if they allow holders to pay off their most expensive debt.
Card holders must also be on the look out for credit cards that offer zero balance transfer or if the typical variable rate of 16.9 percent APR is available.
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