The Money Statistics April 2024

£4,177 Total unsecured debt per UK adult in February 2024

£65,569 Average total debt per UK household in February 2024

£2,485 Average credit card debt per household in February 2024

8.1% Change in outstanding credit card balances in year to February 2024

3.2% Inflation rate in the year to March 2024

-0.3% Decrease in average first-time buyer house price in the year to February 2024

1.8 pence per litre Increase in the price of unleaded petrol in March 2024

11 years Time to save for a first-time buyer house deposit, saving at the average rate out of average UK income (at December to February 2024 rate)

UK Personal Debt

People in the UK owed £1,841.2 billion at the end of February 2024.

This is up by £9.5 million from £1,831.8 billion at the end of February 2023, an extra £177.69 per UK adult over the year.

The average total debt per household, including mortgages, was £65,569.

Per adult this was £34,617, around 99.2% of average earnings. This is up from the revised £34,570 a month earlier.

Based on February 2024 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £75.05 billion, an average of £206 million per day.

The average annual interest per household would have been £2,673 and per person £1,411, 4.05% of average earnings.

According to the Office for Budget Responsibility’s November 2023 forecast, household debt of all types is forecast to rise from £2,259 billion in 2023 to £2,429 billion in 2025.

This would make the average total household debt £85,274 (assuming household numbers track ONS population projections.)

At the end of February 2024, outstanding consumer credit lending was £222.2 billion, decreasing by £1.297 billion on the revised total for the previous month.

Within the total, outstanding credit card debt came to £69.8 billion, an increase of 8.1% in the year to February 2024. Credit card debt averaged £2,485 per household and £1,312 per adult.

A credit card on the average interest would take 26 years and 10 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £70 but would reduce each month. If £70 were paid every month, the debt would be cleared in 4 years and 11 months.

Total net lending to individuals and housing associations by UK banks and building societies increased by £11.2 billion in February 2024 or £369 million a day over revised figures for January 2024.

Net mortgage lending decreased by £1.48 billion in the month, while net consumer credit lending increased by £5.91 million.

In Q4 2023 lenders wrote off £967 million (of which £263 million was credit card debt, amounting to a daily write-off of £3.23 million.)

Everyday in the UK

The population of the UK grew by an estimated 1,584 people a day between mid-year 2021 and mid-year 2022.

On average, a UK household spends £3.43 a day on water, electricity and gas.

273 people a day were declared insolvent or bankrupt in England or Wales in November 2023 to January 2024. This was equivalent to one person every 5 minutes and 16 seconds.

In Northern Ireland in the three months to February 2024, there were 3.4 insolvencies per day. In Scotland in the three months to June 2023 there were 21.8 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 1,192 debt issues every day in the year to March 2024.

5.4 properties were repossessed every day in November 2023 to February 2024 in the UK, or one every 4 hours and 8 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance increased by 53.0 a day in the year to December 2023.

The number of people unemployed in the UK increased by 344 per day in the twelve months to February 2024.

1,208 people a day reported they had become redundant in December 2023 to February 2024.

Net lending to individuals and housing associations in the UK increased by £369 million a day in February 2024.

Government debt increased by £526.6 million a day in the three months to March 2024.

Borrowers paid £206 million a day in interest in February 2024.

It costs an average of £25.28 per day for a couple to raise a child from birth to the age of 18.

For a lone parent family, the cost of raising a child comes to £33.54 per day.

47.7 mortgage possession claims and 29.4 mortgage possession orders were made every day in England and Wales in October to December 2023.

254.2 landlord possession claims and 195.7 landlord possession orders were made every day.