Why you'll never be able to pay off your debt

Jess Bown

Britain's banks and building societies are now writing off – or in other words accepting that they will never recoup – £38.06 million worth of consumer debt a day, new figures show.

The latest debt statistics from Credit Action reveal that total UK personal debt stood at £1,455 billion at the end of September 2010 – much of which is owed by people who have little or no chance of ever repaying it.