When is debt a ‘problem’?
Lots of attention on total size of unsecured household debt
- Now more than £200 billion on the Bank of England’s measure
Might be important for financial stability...
... but poor guide to extent to which debt is a problem for households
- More than 60% of unsecured debt held by households with above-average incomes
- More than half of households with unsecured debt have enough financial assets to pay them off