UK Personal Debt
People in the UK owed £1.452 trillion at the end of September 2015. This is up from £1.418 trillion at the end of September 2014 – an extra £661.50 per UK adult.
The average total debt per household – including mortgages – was £54,358 in September. The revised figure for August was £54,257.
Per adult in the UK that’s an average debt of £28,742 in September – around 112.7% of average earnings. This is up from a revised £28,689 in August.
Based on September 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £53.138 billion.
- That’s an average of £146 million per day.
- This means that households in the UK would have paid an average of £1,990 in annual interest repayments. Per person that’s £1,052 – 4.13% 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 £95,532 (assuming that the number of households in the UK remained the same between now and Q1 2021).
Outstanding consumer credit lending was £176.26 billion at the end of September 2015.
- This is up from £165 billion at the end of September 2014, and is an increase of £224.47 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,625 in September up from a revised £6,601 in August – or £420.74 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,490 per UK adult in September. This is down from a revised £3,503 in August.
Total credit card debt in September 2015 was £62.7bn. Per household this is £2,349 – for a credit card bearing the average interest, it would take 25 years and 6 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 £4.9 billion in September 2015 – or £163m a day.
- Net mortgage lending rose by £3.6 billion in the month; net consumer credit lending rose by £1 billion.
UK Banks and Building Societies wrote off £2.950 billion of loans to individuals over the four quarters to Q2 2015.
- In Q2 2015 itself they wrote off £509 million (of which £217 million was credit card debt) amounting to a daily write-off of £5.6 million.
Based on quarterly figures up to the end of June 2015, Citizens Advice Bureaux in England and Wales are dealing with 5,708 debt problems every working day.
- CAB cite the loss of legal aid and falling trends in many individual debt types for the reduction in debt advice cases.
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).
The average debt for the 2014 cohort which just entered repayment was £20,100.
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.
8.4m cash machine transactions were made every day in September with a value of £357m.
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 6,323 new debt problems every working day during the year ending March 2015.
42 properties are repossessed every day, or one every 34 min 20 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 62 a day.
The number of people unemployed for over 12 months fell by 142 per day in Q2.
1,155 people a day reported they had become redundant between April and June.
Net lending to individuals in the UK increased by £163 billion a day.
The Government borrowed £313m a day during September 2015 (£3,510 per second).
Borrowers would repay £146m a day in interest over a year, based on September 2015 trends.
It costs an average of £29.91 per day to raise a child from birth to the age of 21.
53 mortgage possession claims and 38 mortgage possession orders are made every day.
398 landlord possession claims and 323 landlord possession orders are made every day.