Unions blame austerity and low wages as total unsecured borrowing, including student loans, hits £428bn

Unsecured debt has hit a new peak of £15,400 per household and now accounts for 30.4 per cent of income – more than it did before the financial crash.

Total unsecured debt, including student loans, rose to £428bn in the third quarter of 2018, a jump of £886 per household from a year earlier, according to analysis by the Trades Union Congress (TUC).

TUC general secretary Frances O’Grady warned that years of austerity and wage stagnation had pushed debt to “crisis level”.

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