UK Personal Debt
People in the UK owed £1.456 trillion at the end of October 2015. This is up from £1.42 trillion at the end of October 2014 – an extra £706.71 per UK adult.
The average total debt per household – including mortgages – was £53,918 in October. The revised figure for September was £53,755.
Per adult in the UK that’s an average debt of £28,826 in October – around 113.1% of average earnings. This is up from a revised £28,739 in September.
Based on October 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £53.044 billion.
- That’s an average of £145 million per day.
- This means that households in the UK would have paid an average of £1,965 in annual interest repayments. Per person that’s £1,050 – 4.12% 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 £177.08 billion at the end of October 2015.
- This is up from £167.9 billion at the end of October 2014, and is an increase of £181.46 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,558 in October up from a revised £6,523 in September- or £339.41 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,506 per UK adult. This is down from a revised £3,488 in September.
Total credit card debt in October 2015 was £62.8bn. Per household this is £2,324 – 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 £4.8 billion in October 2015 – or £155m a day.
Net mortgage lending rose by £3.6 billion in the month; net consumer credit lending rose by £1.2 billion.
In 2013/14, the average Maintenance Loan awarded for full-time undergraduates from England was £3,842, and the average Maintenance Grant awarded to successful applicants was £2,778.
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)
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 £3.34 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.
35.5 million plastic card purchase transactions were made every day in August 2015, with a total value of £1.65 billion.
9m cash machine transactions were made every day in October with a value of £361m.
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 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 115 per day in Q2.
1,206 people a day reported they had become redundant between April and June.
Net lending to individuals in the UK increased by £155 million a day.
The Government borrowed £273m a day during October 2015 (£3,164 per second).
Borrowers would repay £145m a day in interest over a year, based on October 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.