UK Personal Debt
People in the UK owed £1.471 trillion at the end of February 2015. This is up from £1.442 trillion at the end of February 2014 – an extra £579 per UK adult.
The average total debt per household – including mortgages – was £55,083 in February. The revised figure for January was £55,008.
Per adult in the UK that’s an average debt of £29,126 in February – around 115.6% of average earnings. This is up from a revised £29,086 in January.
Based on February 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£55.579 billion. That’s an average of £152 million per day. This means that households in the UK would have paid an average of £2,081 in annual interest repayments. Per person that’s £1,101 – 4.37% of average earnings.
Outstanding consumer credit lending was £169.1 billion at the end of February 2015. This is up from £159.3 billion at the end of February 2014, and is an increase of £193 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,332 in February, down from a revised £6,348 in January – or £365 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,348 per UK adult in February. This is down from a revised £3,357 in January.
Total credit card debt in February 2015 was £61.2bn. Per household this is £2,293 – for a credit card bearing the average interest, it would take 25 years and 4 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 £55 every month, the debt would be cleared in around 5 years and 4 months.
Outstanding mortgage lending stood at £1.302 trillion at the end of February. This is up from £1.282 trillion at the end of February 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £117,534 in February.
The average Mortgage Interest rate was 3.15% at the end of February. Based on this, households with mortgages would pay an average of £3,702 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.78%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,650 in interest over the year.
Everyday in the UK
The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.
It costs an average of £29.91 per day to raise a child from birth to the age of 21.
On average, a UK household spends £2.91 a day on water, electricity and gas.
244 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 55 seconds.
33.8 million plastic card purchase transactions were made every day in December 2014, with a total value of £1.582 billion.
8.40m cash machine transactions were made every day in February with a value of £335m.
1,765 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,527.
Citizens Advice Bureaux in England and Wales dealt with 6,407 new debt problems every working day during the year ending December 2014.
58 properties are repossessed every day, or one every 25 min 2 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 76 a day.
The number of people unemployed for over 12 months fell by 553 per day.
1,239 people a day reported they had become redundant between November and January.
Government borrowed £229m a day during February 2015 (£2,564 per second).
Net lending to individuals in the UK increased by £89m a day.
Borrowers would repay £152m a day in interest over a year, based on February 2015 trends.
77 mortgage possession claims and 54 mortgage possession orders are made every day.
377 landlord possession claims and 298 landlord possession orders are made every day.