UK Personal Debt
People in the UK owed £1.455 trillion at the end of December 2015. This is up from £1.424 trillion at the end of December 2014 – an extra £627.09 per UK adult.
The average total debt per household – including mortgages – was £53,904 in December. The revised figure for November was £54,078.
Per adult in the UK that’s an average debt of £28,891 in December – around 111.9% of average earnings. This is slightly down from a revised £28,912 in November.
Based on December 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£52.371 billion.
- That’s an average of £143 million per day.
- This means that households in the UK would have paid an average of £1,940 in annual interest repayments. Per person that’s £1,037 – 4.03% of average earnings.
According to the Office for Budget Responsibility’s July 2015 forecast, household debt is predicted to reach £2.551 trillion in Q1 2021. This makes the average household debt £94,481 (assuming that the number of households in the UK remained the same between now and Q1 2021).
Outstanding consumer credit lending was £178.67 billion at the end of December 2015.
- This is up from £168.8 billion at the end of December 2014, and is an increase of £194.41 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,617 in December up from a revised £6,660 in November- or £363.63 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,538 per UK adult. This is up from a revised £3,528 in November.
Total credit card debt in December 2015 was £63.35 bn. Per household this is £2,346 – for a credit card bearing the average interest, it would take 25 years and 5 months to repay if you made only the minimum repayment each month.
- The minimum repayment in the first month would be £56 but reduces each month. If you paid £56 every month, the debt would be cleared in around 5 years and 5 months.
Total net lending to individuals by UK banks and building societies rose by £4.4 billion in December 2015 – or £142m a day.
- Net mortgage lending rose by £3.2 billion in the month; net consumer credit lending rose by £1.2 billion.
UK Banks and Building Societies wrote off £2.881 billion of loans to individuals over the four quarters to Q3 2015.
- In Q3 2015 itself they wrote off £798 million (of which £552 million was credit card debt) amounting to a daily write-off of £8.7 million.
There were 19,008 individual insolvencies in England and Wales in Q2 2015. This is equivalent to 209 people a day or, one person every 6 minutes 53 seconds. This was a fall of 6.5% on the previous quarter and 29.5% on the same period a year ago.
Every day, on average, 44 people were made bankrupt, 64 Debt Relief Orders were granted, and 101 Individual Voluntary Arrangements were entered into.
Everyday in the UK
The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.
On average, a UK household spends £3.78 a day on water, electricity and gas.
209 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 53 seconds.
39.1 million plastic card purchase transactions were made every day in November 2015, with a total value of £1.77 billion.
8.9m cash machine transactions were made every day in November with a value of £390m.
2,330 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,171.
Citizens Advice Bureaux in England and Wales dealt with 4,097 new debt problems every day during the quarter ending September 2015.
25 properties are repossessed every day, or one every 57 min 40 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 56 a day.
The number of people unemployed for over 12 months fell by 99 per day between September and November.
1,121 people a day reported they had become redundant between September and November.
Net lending to individuals in the UK increased by £142 million a day, despite a fall in December.
The Government borrowed £242m a day during December 2015 (£2,800 per second).
Borrowers would repay £143m a day in interest over a year, based on December 2015 trends.
It costs an average of £29.91 per day to raise a child from birth to the age of 21.
54 mortgage possession claims and 37 mortgage possession orders are made every day.
420 landlord possession claims and 317 landlord possession orders are made every day.