The Money Statistics April 2017

33 years It would take for someone on an average salary, saving the average amount, to save a normal first-time buyer deposit.

£28,552 The average deposit on a house for a first time buyer

7.5 million People have been auto-enrolled into a pension

2.3% The rate of inflation in February

2.7% The rise in rents in the year to February 2017

3.3% The rate of saving in the last quarter of 2016, the lowest rate since the 60s

£504.81 The increase in consumer credit per household in the year to January 2017

70p The interest someone on the average salary would receive if they saved 3.3% of their income in an average savings account for a year

3.78% The proportion of income the average household is spending on debt interest

UK Personal Debt

People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra £964.450 per UK adult.

The average total debt per household – including mortgages – was £56,460 in February. The revised figure for January was £56,236.

Per adult in the UK that’s an average debt of £30,185 in February – around 114.2% of average earnings. This is slightly up from a revised £30,080 a month earlier.

Based on February 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£50.440 billion.

  • That’s an average of £138 million per day.
  • This means that households in the UK would have paid an average of £1,860 in annual interest repayments. Per person that’s £999 3.78% 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 £196 billion at the end of February 2017.

  • This is up from £181 billion at the end of February 2016, and is an increase of £289.79 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,259 in February, up from a revised £7,197 in January – and  £504.81 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,881 per UK adult. This is up from a revised £3,848 in January.

Total credit card debt in February 2017 was £67.3bn. Per household this is £2,493 – for a credit card bearing the average interest, it would take 25 years and 11 months to repay if you made only the minimum repayment each month.

  • The minimum repayment in the first month would be £60 but reduces each month. If you paid £60 every month, the debt would be cleared in around 5 years and 4 months.

Total net lending to individuals by UK banks and building societies rose by £4.9 billion in February 2017 – or £175m a day.

  • Net mortgage lending rose by £3.5 billion in the month; net consumer credit lending rose by £1.4 billion.
  • In Q4 itself they wrote off  £640 million (of which £394 million was credit card debt) amounting to a daily write-off of £7 million.

Citizens AdviceBureaux across England and Wales dealt with 612,209 new enquiries in the three months between July and September 2016.

Debt was the second largest advice category (behind Benefits) with 366,000  issues. This unchanged on the same period last year. Debt issues represented 26% of all problems dealt with over the period.

Everyday in the UK

The population of the UK grew by an estimated 1,286 people a day between 2014 and 2015.

On average, a UK household spends £3.61 a day on water, electricity and gas.

248 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.

42.6 million plastic card purchase transactions were made every day in January 2016, with a total value of £1.842 billion.

2799 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £1,711.

Citizens Advice Bureaux in England and Wales dealt with 4,022 new debt problems every day during the quarter ending June 2016.

15 properties are repossessed every day, or one every one hour and 34 minutes.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 21 a day.

The number of people unemployed for over 12 months fell by 285 per day between November and January.

1,272 people a day reported they had become redundant between November and January.

Net lending to individuals in the UK increased by £175 million a day.

The Government debt grew by £64m a day during February 2017 (£744 per second).

Borrowers would repay £138 a day in interest over a year, based on January 2017 trends.

It costs an average of £30.23 per day to raise a child from birth to the age of 21.

52 mortgage possession claims and 32 mortgage possession orders are made every day.

336 landlord possession claims and 268 landlord possession orders are made every day.