UK Personal Debt
People in the UK owed £1.460 trillion at the end of October 2014. This is up from £1.431 trillion at the end of October 2013 – an extra £576 per UK adult.
The average total debt per household – including mortgages – was £55,286 in October. The revised figure for September was £55,218.
Per adult in the UK that’s an average debt of £28,916 in October – around 115.3% of average earnings. This is up from a revised £28,881 in September.
Based on October 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£55.5 billion. That’s an average of £152 million per day. This means that households in the UK would have paid an average of £2,100 in annual interest repayments. Per person that’s £1,1098 – 4.38% of average earnings.
Outstanding consumer credit lending was £168.0 billion at the end of October 2014. This is up from £158.5 billion at the end of October 2013, and is an increase of £188.21 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,359 in October, up from a revised £6,253 in September- or £359.85 extra per household.
It also means the average consumer credit borrowing was £3,326 per UK adult in October. This is up from a revised £3,270 in September.
Total credit card debt in October 2014 was £60.8bn. Per household this is £2,303 – for a credit card bearing the average interest, it would take 25 years and 3 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.
Outstanding mortgage lending stood at £1.292 trillion at the end of October. This is up from £1.273 trillion at the end of October 2013.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £116,167 in October.
The average Mortgage Interest rate was 3.19% at the end of October. Based on this, households with mortgages would pay an average of £3,706 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 3.18%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,746 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 £29.65 per day to raise a child from birth to the age of 21.
On average, a UK household spends £3.00 a day on water, electricity and gas.
270 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 20 seconds.
33.7 million plastic card purchase transactions were made every day in September 2014, with a total value of £1.583 billion.
9.05m cash machine transactions were made every day in October with a value of £369m.
2,083 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,158.
Citizens Advice Bureaux in England and Wales dealt with 6,389 new debt problems every working day during the year ending September 2014.
54 properties are repossessed every day, or one every 26 min 30 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 64 a day.
The number of people unemployed for over 12 months fell by 564 per day.
989 people a day reported they had become redundant between July and September.
Government borrowed £249m a day during October 2014 (£2,877 per second).
Net lending to individuals in the UK increased by £83.9m a day.
Borrowers would repay £152m a day in interest over a year, based on October 2014 trends.
106 mortgage possession claims and 78 mortgage possession orders are made every day.
444 landlord possession claims and 339 landlord possession orders are made every day.