THE average level of debt held by people in Swindon has increased by 76.5 per cent throughout the second quarter of 2017, according to the latest UK Personal Debt Index (PDI).

The PDI reported that, on average, unsecured debt in Swindon had a quarter-on-quarter increase of 76.5 per cent to £20,856, compared with a national average of a 35.8 per cent rise.

Unsecured debt refers to any debt that is not protected by a guarantor or asset. Examples include bank loans, credit cards and payday loans.

The PDI is compiled quarterly by Creditfix, the UK’s largest insolvency practice, following a survey of over 60,000 individuals across the country.

Pearse Flynn, CEO of Creditfix, said: “It’s a really worrying sign that the level of personal unsecured debt is increasing, especially for those people nearing retirement age.

“It’s plain to see that consumer borrowing is on the increase. In November 2016, we saw the fastest annual growth rate in consumer credit borrowing since a pre-recession 2005. The Bank of England continues to raise its concerns that consumers may be embarking on another credit binge.

“The danger is although debt levels for many currently remain affordable, should pressure on household expenditure begin to increase with rising inflation, sluggish wage increases or rising interest rates, the affordability of much of the consumer debt now being taken on could become a serious problem.”