UK Personal Debt
People in the UK owed £1.578 trillion at the end of February 2018.
This is up from £1.53 trillion at the end of February 2017– an extra £1,169.92 per UK adult.
The average total debt per household – including mortgages – was £58,119 in February.
Per adult in the UK that’s an average debt of £30,537 in February – around 114.2% of average earnings.
Based on February 2018 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50,764 billion.
That’s an average of £139 million per day.
This means that households in the UK would have paid an average of £1,866 in annual interest repayments. Per person that’s £981 – 3.67% of average earnings.
According to the Office for Budget Responsibility’s March 2018 forecast, household debt is predicted to reach £2.296 trillion in Q1 2022.
This makes the average household debt £84,412 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £209.4 billion at the end of February 2018, up £1.9bn from January.
This is up from £196 billion at the end of February 2017, and is an increase of £291.71 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,699 in February.
That’s an extra £555.18 extra per household over the year.
It also means the average consumer credit borrowing stood at £4,045 per UK adult. This is up from a revised £4,009 in January.
Total credit card debt in February 2018 was £70.84bn. Per household this is £2,604.
For a credit card bearing the average interest, it would take 26 years and 4 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £63 but reduces each month. If you paid £62 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 £0.6 billion in February 2018– or £16.4m a day.
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 £3.67 a day on water, electricity and gas.
276 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes and 13 seconds.
Cash machines were used an average of 94 times a second across the UK.
3,118 Consumer County Court Judgements (CCJs) were issued every day in 2017, with an average value of £1,493.
Citizens Advice Bureaux in England and Wales dealt with 4,199 new debt problems every day during February 2017.
18 properties are repossessed every day, or one every 1 hour and 17 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 16 a day.
The number of people unemployed fell by 373 per day from November to January 2018.
1,054 people a day reported they had become redundant between November and January.
Net lending to individuals in the UK increased by £16.4 million a day in February 2018.
The Government debt fell by £45m a day during February 2018.
Borrowers would repay £139 million a day in interest in year, based on February 2017 trends.
It costs an average of £23.61 per day for a couple to raise a child from birth to the age of 18.
This comes to £28.48 per day for a lone parent family.
47 mortgage possession claims and 31 mortgage possession orders are made every day.
339 landlord possession claims and 268 landlord possession orders are made every day.