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Over half of us 'paying nothing towards debts'

By Matthew Plant

31 May2021

Pound coins Over half of the country - 53%, to be exact - are paying nothing towards debts on a monthly basis. That's quite a rise on the 42% who said that just nine months ago.

It's just one of the findings of the latest Aviva Family Finances Report, which looks into how people have handled their finances over the last year. The Report breaks it down by region as well as by 'type of family' (couples with two or more children, single parents with one or more children, childless couples, etc.), so it provides a lot more than average figures for the whole country.

The Report's well worth a read - but in the meantime, here are some of the findings that show how people are dealing with their debts.

. It seems people are 'reining in borrowing'. This May, 9% of the typical family's monthly expenditure was going on debt repayments - a decrease from a peak of 10% in May 2011.

. The actual amount of unsecured debt per family has fallen from 10,418 in January to 9,314 today.

. While some younger people are doing better financially, this could partly be down to the help they're getting from parents and grandparents: in the last 12 months alone, 31% of over-55s have given their friends and family money specifically to help them pay their debts and bills.

. The biggest debt that families are carrying is actually credit card debt, followed by personal loans and then overdrafts. On average, they owe 2,266 on their credit cards, 1,895 on personal loans and 1,650 on overdrafts.

There's a lot more than that in the Report, of course - 20 pages long, it tells us a great deal about families' finances. What's more, it's easy to read, with easy-to-follow sections and graphics that really paint a clear picture.

Image iStockPhotos / Matthew Spindler

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Tags: debt, Aviva, family, borrowing, lending, unsecured debt, credit card debt, overdrafts

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