UK Personal Debt
People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult.
The average total debt per household – including mortgages – was £57,331 in August. The revised figure for July was £57,136.
Per adult in the UK that’s an average debt of £30,012 in August – around 114%of average earnings. This is slightly up from a revised £29,910 a month earlier.
Based on August 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49.720 billion.
- That’s an average of £129 million per day.
- This means that households in the UK would have paid an average of £1,835 in annual interest repayments. Per person that’s £960 – 3.65%of average earnings.
According to the Office for Budget Responsibility’s March 2017 forecast, household debt is predicted to reach £2.322 trillion in Q1 2022. This makes the average household debt £86,001 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £203.030 billion at the end of August 2017.
- This is up from £188.4 billion at the end of July 2016, and is an increase of £369 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,492 in August, up from a revised £7,434 in July – and £538.78 extra per household over the year.
- It also means the average consumer credit borrowing stood at £3,922 per UK adult. This is up from a revised £3,892 in July.
Total credit card debt in August 2017 was £68.8bn. Per household this is £2,539 – for a credit card bearing the average interest, it would take 26 years and 1 month to repay if you made only the minimum repayment each month.
- The minimum repayment in the first month would be £61 but reduces each month. If you paid £60 every month, the debt would be cleared in around 5 years and 5 months.
Per household, that’s an average consumer credit debt of £7,492 in August, up from a revised £7,434in July – and £538.78 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,922 per UK adult. This is up from a revised £3,892 in July.
In Q2 2017 they wrote off £550 million (of which £386 million was credit card debt) amounting to a daily write-off of £6 million.
Everyday in the UK
The population of the UK grew by an estimated 1,474 people a day between 2015 and 2016.
On average, a UK household spends £3.32 a day on water, electricity and gas.
248 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 50 seconds.
In Q2 46.7 million plastic card purchase transactions were made every day in May 2017, with a total value of £1.94 billion.
3,274 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £1,509.
Citizens Advice Bureaux in England and Wales dealt with 3,846 new debt problems every day during August 2017.
13 properties are repossessed every day, or one every one hour and 50 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 13 a day.
The number of people unemployed for over 12 months fell by 493 per day between in the year to July.
1,207 people a day reported they had become redundant between May and July.
Net lending to individuals in the UK increased by £129 million a day.
The Government debt grew by £7.5m a day during August 2017 (£87 per second).
Borrowers would repay £136 million a day in interest over a year, based on July 2017 trends.
It costs an average of £30.23 per day to raise a child from birth to the age of 21.
56 mortgage possession claims and 36 mortgage possession orders are made every day.
349 landlord possession claims and 274 landlord possession orders are made every day.