Unsurprisingly, much discussion has been had during Labour conference on the budget deficit and how the country can promote growth and create jobs while simultaneously trying to level national debt in a realistic period of time.

Of comparable importance to the level of national debt are levels of personal debt, which have seen a sharp rise in recent times. According to statistics by Credit Action personal debt in the UK (2010) was £1.5 trillion – a figure serviceable in better times, but increasingly a struggle since the recession. In the decade to 2008, average household debt in the UK increased substantially– from 93 to 161 per cent of disposable income – largely accounted for by mortgages – and is set to rise to an average of £81,000 per household by 2015. Continue reading →