The Money Statistics August 2018

£19.97 The fall in debt growth per day in June

0.75% The new Bank of England base rate

£65m The fall in Public Sector Net Debt per day in 2018

106% The average First Time Buyer deposit compared to average salary

£2,650 The increase in net lending to individuals a day

44 The amount of bankruptcies per day in June

32 The amount of mortgage possession orders per day in June

0.2% The average ISA account rate (highest in almost 2 years)

1.4% The increase in house prices on last month

UK Personal Debt

People in the UK owed £1.592 trillion at the end of June 2018.

This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. This is a fall of £19.97 on last month.

The average household debt– including mortgages – was £58,540 in June. The revised figure for May was £58,369. average total debt per household

Per adult in the UK that’s an average debt of £30,759 in June – around 114.1% of average earnings – up 0.3% on last month. This is up from a revised £30,669 a month earlier.

Based on June 2018 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50.235 billion.

That’s an average of £138 million per day.

This means that households in the UK would have paid an average of £1,847 in annual interest repayments. Per person that’s £970 3.60% 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 £213.0 billion at the end of June 2018, increasing by £0.1bn on last month.

Per household, that’s an average consumer credit debt of £7,840 in June, up slightly from a revised £7,797 in May – and £460.11 extra per household over the year.

The average consumer credit borrowing stood at £4,119 per adult. This is up £4,097 on last month.

Total credit card debt in June 2018 was £72.1bn. Per household this is £2,650.

For a credit card bearing the average interest, it would take 26 years and 6 months to repay if you made only the minimum repayment each month.

The minimum repayment in the first month would be £64 but reduces each month. If you paid £64 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 increased by £4.65 billion in June 2018– or £127m a day.

Net mortgage lending increased by £3.47 billion in the month; net consumer credit lending rose by £1.176 billion as well.

In Q1 2018 they wrote off £1.069bn (of which £318 million was credit card debt) amounting to a daily write-off of £11.6 million.

Everyday in the UK

The population of the UK grew by an estimated 1,074 people a day between 2016 and 2017

On average, a UK household spends £4.21 a day on water, electricity and gas.

322 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes and 28 seconds.

Cash machines were used an average of 96 times a second across the UK.

Citizens Advice Bureaux in England and Wales dealt with 2,441 new debt problems every day during June 2018.

12 properties are repossessed every day, or one every 2 hour and 3 minutes.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 38 a day.

The number of people unemployed fell by 230 per day from March to May 2018.

1,033 people a day reported they had become redundant between March and May.

Net lending to individuals in the UK increased by £127 million a day in June 2018.

The Government debt fell by £65m a day during 2018.
Borrowers would repay £138 million a day in interest, based on May 2018 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.

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

327 landlord possession claims and 253 landlord possession orders are made every day.