UK Personal Debt
People in the UK owed £1.434 trillion at the end of April 2015. This is up from £1.405 trillion at the end of April 2014 – an extra £587 per UK adult.
The average total debt per household – including mortgages – was £53,716 in April. The revised figure for February was £53,634.
Per adult in the UK that’s an average debt of £28,403 in April – around 111.4% of average earnings. This is up from a revised £28,359 in March.
Based on April 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£53.607 billion. That’s an average of £147 million per day. This means that households in the UK would have paid an average of £2,008 in annual interest repayments. Per person that’s £1,061 – 4.16% of average earnings.
Outstanding consumer credit lending was £170.9 billion at the end of April 2015. This is up from £160.4 billion at the end of April 2014, and is an increase of £208 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,400 in April, up from a revised £6,379 in March – or £394 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,384 per UK adult in April. This is up from a revised £3,373 in March.
Total credit card debt in March 2015 was £61.6bn. Per household this is £2,307 – 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 5 months.
Outstanding mortgage lending stood at £1.263 trillion at the end of April. This is up from £1.244 trillion at the end of April 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £114,074 in April.
The average Mortgage Interest rate was 3.12% at the end of April. Based on this, households with mortgages would pay an average of £3,559 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.64%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,903 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 £29.91 per day to raise a child from birth to the age of 21.
On average, a UK household spends £2.91 a day on water, electricity and gas.
231 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.
38 million plastic card purchase transactions were made every day in February 2015, with a total value of £1.771 billion.
8.94m cash machine transactions were made every day in May with a value of £364m.
2,330 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,171.
Citizens Advice Bureaux in England and Wales dealt with 6,323 new debt problems every working day during the year ending March 2015.
48 properties are repossessed every day, or one every 29 min 42 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 67 a day.
The number of people unemployed for over 12 months fell by 625 per day.
1,222 people a day reported they had become redundant between January and March.
Government borrowed £227m a day during April 2015 (£2,630 per second).
Net lending to individuals in the UK increased by £96.7m a day.
Borrowers would repay £147m a day in interestover a year, based on March 2015 trends.
63 mortgage possession claims and 47 mortgage possession orders are made every day.
469 landlord possession claims and 349 landlord possession orders are made every day.