The Money Statistics July 2023

People in the UK owed £1,840.1 billion at the end of May 2023

This is up by £45.2 billion from £1,749.9 billion at the end of May 2022, an extra £850 per UK adult over the year.

The average total debt per household, including mortgages, was £65,529. 

Per adult this was £34,597, around 103.3% of average earnings. This is down from the revised £34,576 a month earlier.

Based on May 2023 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £62,536 million, an average of £171 million per day.

The average annual interest per household would have been £2,227 and per person £1,176, 3.51% of average earnings.

According to the Office for Budget Responsibility’s March 2023 forecast, household debt of all types is forecast to rise from £2,333 billion in 2023 to £2,478 billion in 2025.

This would make the average total household debt £86,994 (assuming household numbers track ONS population projections.)

At the end of May 2023, outstanding consumer credit lending was £213.9 billion, increasing by £809 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £66.0 billion, an increase of 7.97% in the year to May 2023. Credit card debt averaged £2,350 per household and £1,241 per adult.

A credit card on the average interest would take 26 years and 2 month to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £65 but would reduce each month. If £65 were paid every month, the debt would be cleared in 5 years.

Total net lending to individuals and housing associations by UK banks and building societies increased by £1.1 billion in May 2023 or £34.7 million a day over revised figures for April 2023.

Net mortgage lending increased by £268 million in the month, while net consumer credit lending increased by £432 million.

In Q1 2023 lenders wrote off £734 million (of which £271 million was credit card debt, amounting to a daily write-off of £3.0 million.)

The population of the UK grew by an estimated 777 people a day between 2019 and 2020.

On average, a UK household spends £4.13 a day on water, electricity and gas.

298 people a day were declared insolvent or bankrupt in England or Wales in April to June 2023. This was equivalent to one person every 4 minutes and 50 seconds.

In Northern Ireland in June 2023, there were 5.3 insolvencies per day. In Scotland in the three months to March 2023 there were 21.2 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 2,304 debt issues every day in the year to June 2023.

8.3 properties were repossessed every day in January to March 2023 in the UK, or one every 2 hours and 53 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 2.5 a day in the year to March 2023.

The number of people unemployed in the UK fell by 14 per day in the twelve months to April 2023.

1,033 people a day reported they had become redundant in February to April 2023.

Net lending to individuals and housing associations in the UK grew by £34.7 million a day in May 2023.

Government debt increased by £598 million a day in the three months to June 2023.

Borrowers paid £171 million a day in interest in May 2023.

It costs an average of £24.44 per day for a couple to raise a child from birth to the age of 18.

For a lone parent family, the cost of raising a child comes to £29.50 per day.

44.8 mortgage possession claims and 9.9 mortgage possession orders were made every day in England and Wales in January to March 2023.

259.9 landlord possession claims and 74.2 landlord possession orders were made every day.