UK Personal Debt
People in the UK owed £1.441 trillion at the end of June 2015.
- This is up from £1.409 trillion at the end of June 2014 – an extra £628 per UK adult.
The average total debt per household – including mortgages – was £53,961 in June. The revised figure for May was £53,838.
Per adult in the UK that’s an average debt of £28,532 in June – around 111.2% of average earnings. This is up from a revised £28,467 in May.
Based on June 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£53.497 billion.
- That’s an average of £147 million per day.
- This means that households in the UK would have paid an average of £2,003 in annual interest repayments. Per person that’s £1,059 – 4.13%of average earnings.
Outstanding consumer credit lending was £172.34 billion at the end of June 2015.
- This is up from £161.1 billion at the end of June 2014, and is an increase of £222.17 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,454 in June, up from a revised £6,427 in May – or £420 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,413 per UK adult in June. This is up from a revised £3,398 in May.
Total credit card debt in June 2015 was £61.8bn. Per household this is £2,314 – 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 £55 but reduces each month. If you paid £55 every month, the debt would be cleared in around 5 years and 4 months.
UK Banks and Building Societies wrote off £3.163 billion of loans to individuals over the four quarters to Q1 2015.
Outstanding mortgage lending stood at £1.269 trillion at the end of June.
- This is up from £1.248 trillion at the end of June 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £114,535 in May.
The average Mortgage Interest rate was 3.09% at the end of June. Based on this, households with mortgages would pay an average of £3,539 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.56%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,214 in interest over the year.
According to the Council of Mortgage Lenders, gross mortgage lending in June totaled an estimated £20.5 billion.
- This is 15% higher than June 2014, and 29% up on May 2015.
The average monthly rent for a two-bedroom house in England was £595 – in London this was £1,400 (135% higher).
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 £3.10 a day on water, electricity and gas.
206 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 53 seconds.
36 million plastic card purchase transactions were made every day in May 2015, with a total value of £1.7 billion.
8.9m cash machine transactions were made every day in June with a value of £355m.
2,330 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,171.
Citizens Advice Bureau in England and Wales dealt with 6,323 new debt problems every working day during the year ending March 2015.
48 properties are repossessed every day, or one every 29 min 42 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 67 a day.
The number of people unemployed for over 12 months fell by 504 per day.
1,311 people a day reported they had become redundant between March and May.
Government borrowed £313m a day during June 2015 (£3,636 per second).
Net lending to individuals in the UK increased by £109m a day.
Borrowers would repay £147m a day in interest over a year, based on June 2015 trends.
63 mortgage possession claims and 47 mortgage possession orders are made every day.
469 landlord possession claims and 349 landlord possession orders are made every day.