UK Personal Debt
People in the UK owed £1.484 trillion at the end of June 2016. This is up from £1.444 trillion at the end of June 2015 – an extra £777.90 per UK adult.
The average total debt per household – including mortgages – was £54,952 in June. The revised figure for May was £54,761.
Per adult in the UK that’s an average debt of £29,379 in June – around 112.2% of average earnings. This is slightly up from a revised £29,203 a month earlier.
Based on June 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£52.483 billion.
- That’s an average of £144 million per day.
- This means that households in the UK would have paid an average of £1,944 in annual interest repayments. Per person that’s £1,039 – 3.97% 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 £186 billion at the end of June 2016.
- This is up from £176.1 billion at the end of June 2015, and is an increase of £195.76 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,889 in June, up from a revised £6,833 in May – or £366.15 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,683 per UK adult. This is up from a revised £3,653 in May.
Total credit card debt in June 2016 was £65.2bn. Per household this is £2,413 – for a credit card bearing the average interest, it would take 25 years and 6 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 every month, the debt would be cleared in around 5 years and 4 months.
Total net lending to individuals by UK banks and building societies rose by £5.2 billion in June 2016 – or £173m a day.
- Net mortgage lending rose by £3.3 billion in the month; net consumer credit lending rose by £1.9 billion.
- In Q1 itself they wrote off £624 million (of which £320 million was credit card debt) amounting to a daily write-off of £6.9 million.
In 2014/15, the average maintenance loan awarded for full-time undergraduates from England was £3,890, and the average maintenance grant awarded to successful applicants was £3,008.
The average debt owed per student at the end of 2013/14 was £12,651 (this is debt for English students and EU students in England, including loans for Further and Higher Education. It doesn’t include ‘mortgage-style’ loans, as these were sold by Government in May 2013).
The average debt for the 2015 cohort which most recently entered repayment was £24,640. – this is the last group who will not have paid £9,000 tuition fees.
Everyday in the UK
The population of the UK grew by an estimated 1,286 people a day between 2014 and 2015.
On average, a UK household spends £3.40 a day on water, electricity and gas.
247 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 50 seconds.
34 million plastic card purchase transactions were made every day in May 2016, with a total value of £1.57 billion.
8.5m cash machine transactions were made every day in April with a value of £344m.
2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,030.
Citizens Advice Bureaux in England and Wales dealt with 4,495 new debt problems every day during the quarter ending March 2016.
18 properties are repossessed every day, or one every 1 hour and 19 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 41 a day.
The number of people unemployed for over 12 months fell by 301 per day between March and May.
1,130 people a day reported they had become redundant between March and May.
Net lending to individuals in the UK increased by £173 million a day.
The Government borrowed £260m a day during April 2016 (£3,009 per second).
Borrowers would repay £144m a day in interest over a year, based on June 2016 trends.
It costs an average of £30.23 per day to raise a child from birth to the age of 21.
53 mortgage possession claims and 36 mortgage possession orders are made every day.
398 landlord possession claims and 309 landlord possession orders are made every day.