UK Personal Debt
People in the UK owed £1.455 trillion at the end of August 2014. This is up from £1.429 trillion at the end of August 2013 – an extra £521 per UK adult.
The average total debt per household – including mortgages – was £55,088 in August. The revised figure for July was £54,981.
Per adult in the UK that’s an average debt of £28,813 in August– around 116% of average earnings. This is up from a revised £28,757 in July.
Based on August 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £59.2 billion. That’s an average of £162 million per day. This means that households in the UK would have paid an average of £2,242 in annual interest repayments. Per person that’s £1,173 – 4.70% of average earnings.
Outstanding consumer credit lending was £162.6 billion at the end of August 2014. This is up from £158.3 billion at the end of August 2013, and is an increase of £84.55 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,155 in August, up from a revised £6,133 in July.
It also means the average consumer credit borrowing was £3,220 per UK adult in August. This is up from a revised £3,208 in July.
Total credit card debt in August 2014 was £57.6bn. Per household this is £2,180 – for a credit card bearing the average interest, it would cost £54 a month to clear the debt in five years or £38 a month to clear it in ten years.
Outstanding mortgage lending stood at £1.293 trillion at the end of August. This is up from £1.270 trillion at the end of August 2013.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £115,940 in August.
The average Mortgage Interest rate was 3.22% at the end of August. Based on this, households with mortgages would pay an average of £3,733 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 3.21%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,889 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.
297 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes 51 seconds.
32.1 million plastic card purchase transactions were made every day in July 2014, with a total value of £1.522 billion.
8.82m cash machine transactions were made every day in August with a total value of £372m.
1,893 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,278.
Citizens Advice Bureaux in England and Wales dealt with 6,405 new debt problems every working day during the year ending June 2014.
71 properties are repossessed every day, or one every 20 min 15 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 479 per day.
1,000 people a day reported they had become redundant between May and July.
Government borrowed £376 million per day during July 2014 (equivalent to £4,347 per second).
Net lending to individuals in the UK increased by £103m a day.
UK borrowers would have paid £162m a day in interest, based on August 2014 trends.
118 mortgage possession claims and 87 mortgage possession orders are made every day.
423 landlord possession claims and 353 landlord possession orders are made every day.