According to research by debt charity Credit Action a property is repossessed every 14.6 minutes and the Citizens Advice Bureau now deals with 8,910 new debt problems every day.
Liz Dunscombe, director of project and partnership development at the charity says the annual growth rate in consumer lending nudged up to 2.3 per cent – the highest since May 2009 – which she believes could indicate borrowing to meet existing commitments.
She added: “Given that daily write offs of loans by banks and building societies increased in Q2 2011 to £22.54m, a worrying picture begins to emerge.
“Additional pressure has been placed on some on family budgets due to recent increases in redundancies and long-term unemployment.
"The number of daily redundancies rose to 1,775 in the three months to the end of July, whilst the total number of people who have been out of work for over a year also increased to 849,000, up 2.5 per cent on the previous quarter and 6.4% per cent over the past year.”
Also noted in the survey is that 1,775 people are now made redundant every day while the average UK adult debt now sits at £29,546 (including mortgages).