UK Personal Debt
People in the UK owed £1.448 trillion at the end of June 2014. This is up from £1.426 trillion at the end of June 2013 – an extra £445 per UK adult.
The average total debt per household – including mortgages – was £54,828 in June. The revised figure for May was £54,750.
Per adult in the UK that’s an average debt of £28,677 in June – around 115% of average earnings. This is up from a revised £28,636 in May.
Based on June 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£59.1 billion. That’s an average of £162 million per day. This means that households in the UK would have paid an average of £2,238 in annual interest repayments. Per person that’s £1,171 – 4.70% of average earnings.
Outstanding consumer credit lending was £160.4 billion at the end of June 2014. This is up from £156.4 billion at the end of June 2013, and is an increase of £78.93 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,071 in June, down from a revised £6,072 in May.
It also means the average consumer credit borrowing was £3,175 per UK adult in May. This is up from a revised £3,176 in May.
Total credit card debt in June 2014 was £56.9bn. Per household this is £2,154 – for a credit card bearing the average interest, it would cost £54 a month to clear the debt in five years, or £38 a month to clear it in ten years.
Outstanding mortgage lending stood at £1.288 trillion at the end of June. This is up from £1.269 trillion at the end of June 2013.
That means that the estimated average outstanding mortgage for the 11.2m households with mortgage debt was £115,328 in June.
The average Mortgage Interest rate was 3.23% at the end of June. Based on this, households with mortgages would pay an average of £3,725 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 3.15%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,584 in interest over the year.
Everyday in the UK
The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.
It costs an average of £29.65 per day to raise a child from birth to the age of 21.
On average, a UK household spends £2.98 a day on water, electricity and gas.
297 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes 51 seconds.
31.9 million plastic card purchase transactions were made every day in May 2014, with a total value of £1.520 billion.
8.96m cash machine transactions were made every day in June with a total value of £363m.
1,910 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,360.
Citizens Advice Bureaux in England and Wales dealt with 6,519 new debt problems every working day during the year ending March 2014.
71 properties are repossessed every day, or one every 20 min 15 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 59 a day.
The number of people unemployed for over 12 months fell by 455 per day.
Government borrowed £379 million per day during June 2014 (equivalent to £4,386 per second).
Net lending to individuals in the UK increased by £83m a day.
UK borrowers would have paid £162m a day in interest, based on June 2014 trends.
141 mortgage possession claims and 99 mortgage possession orders are made every day.
525 landlord possession claims and 373 landlord possession orders are made every day.
1,261 people a day reported they had become redundant between March and May.