Loans: what do we owe? A ten-year perspective

Right now, we're carrying well over £200 billion of unsecured debt (not including our secured debts, like mortgages, which come to over £1.2 trillion). But where did we stand last year - or the year before?

The Bank of England's figures give us a useful way to look back over past years and see what's changed as time goes on.

The most recent figures show that we owed £56.9 billion on our credit cards at the end of September 2011 - plus a further £151.8 billion in 'other loans and advances'.

Let's take a look back over the last ten Septembers.

Unsecured debt - a look back in time

	Total unsecured debt (£ billions)	Change (£ billions)
September 2000	123.3
September 2001	135.4	+ 12.1
September 2002	153.0	+ 17.6
September 2003	168.4	+ 15.4
September 2004	180.5	+ 12.1
September 2005	190.8	+ 10.3
September 2006	212.0	+ 21.2
September 2007	216.2	+ 4.2
September 2008	237.6	+ 21.4
September 2009	229.0	- 8.6
September 2010	215.8	- 13.2
September 2011	208.6	- 7.2

Source: Bank of England's Lending to Individuals figures

As you can see, the total amount we owe has actually been going down since 2008. The recession, credit crunch and ongoing financial problems have had a major impact on people's finances, including the amount they've been borrowing and paying back.

First of all, the credit crunch made it harder for people to borrow, since lenders became more cautious about taking risks. At the same time, worries about job security and the rising cost of living have made a lot of people worried about borrowing any more - and determined to reduce the amount they owe.

For those of you who prefer graphs, here's a look at how much our unsecured debts have gone up or down from one September to the next.

Unsecured debt - changes between each September

(All figures in billions)

Source: Bank of England's Lending to Individuals figures

So today we're carrying almost £210 billion in personal loans and other types of unsecured debts. It's a lot more than we owed at the start of the millennium - but still a lot less than the £237.6 billion we owed back in September 2008.

Image © iStockPhoto

Tags: Bank of England, loan, loans, personal loans, lending, lending stats, statistics, Lending to Individuals

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.