UK Personal Debt
People in the UK owed £1.562 trillion at the end of October 2017. This is up from £1.504 trillion at the end of October 2016 – an extra £1,106.13 per UK adult.
The average total debt per household – including mortgages – was £57,432 in October. The revised figure for September was £57,278.
Per adult in the UK that’s an average debt of £30,176 in September – around 113.7%of average earnings. This is slightly up from a revised £30,096 a month earlier.
Based on October 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49.812 billion.
That’s an average of £136 million per day.
This means that households in the UK would have paid an average of £1,831 in annual interest repayments. Per person that’s £962 – 3.63%of average earnings.
According to the Office for Budget Responsibility’s November 2017 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 £205.3 billion at the end of October 2017.
This is up from £190.13 billion at the end of October 2016, and is an increase of £311.15 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,549 in October, up from a revised £7,509 in September – and £592.57 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,966 per UK adult. This is up from a revised £3,945 in September.
Total credit card debt in October 2017 was £69.6bn. Per household this is £2,559 – for a credit card bearing the average interest, it would take 26 years and 1 month to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £61 but reduces each month. If you paid £62 every month, the debt would be cleared in around 5 years and 4 months.
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 £3.32 a day on water, electricity and gas.
277 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 12 seconds.
542 credit and debit card purchase transactions were made every second in September 2017, with a total value of £1.87 billion.
1,756 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £1,472.
Citizens Advice Bureaux in England and Wales dealt with 4,322 new debt problems every day during October 2017.
21 properties are repossessed every day, or one every 1 hour and 9 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 6 a day.
The number of people unemployed for over 12 months fell by 499 per day in the year to October.
1,109 people a day reported they had become redundant between August and October.
Net lending to individuals in the UK increased by £154.8 million a day.
The Government debt grew by £14.7m a day during October 2017 (£171 per second)
Borrowers would repay £136 million a day in interest over a year, based on October 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 37 mortgage possession orders are made every day.
371 landlord possession claims and 275 landlord possession orders are made every day.