UK Personal Debt
People in the UK owed £1.458 trillion at the end of November 2015. This is up from £1.423 trillion at the end of November 2014 – an extra £708.35 per UK adult.
The average total debt per household – including mortgages – was £54,012 in November. The revised figure for October was £53,923.
Per adult in the UK that’s an average debt of £28,877 in November – around 113.3% of average earnings. This is up from a revised £28,829 in October.
Based on November 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£52.847 billion.
- That’s an average of £145 million per day.
- This means that households in the UK would have paid an average of £1,957 in annual interest repayments. Per person that’s £1,046 – 4.1%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 £178.15 billion at the end of November 2015.
- This is up from £168.6 billion at the end of November 2014, and is an increase of £188.90 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,598 in November up from a revised £6,562 in October- or £353.33 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,528 per UK adult. This is up from a revised £3,508 in October.
Total credit card debt in November 2015 was £63.1bn. Per household this is £2,336 – 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 £5.3 billion in November 2015 – or £177m a day.
- Net mortgage lending rose by £3.9 billion in the month; net consumer credit lending rose by £1.5 billion.
UK Banks and Building Societies wrote off £2.881 billion of loans to individuals over the four quarters to Q3 2015.
- In Q3 2015 itself they wrote off £798 million (of which £552 million was credit card debt) amounting to a daily write-off of £8.7 million.
Citizens Advice Bureaux across England and Wales dealt with 583,000 new enquiries in the three months between July and September 2015.
Debt was the second largest advice category (behind Benefits) with 377,000 issues. This is a 4% decrease on the same period last year. Debt issues represented 27% of all problems dealt with over the period.
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 £3.78 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 £1.72 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.