The Money Statistics December 2019

0.18% Increase in outstanding credit card balances in year to October 2019

26 years and 7 months Time to pay off average credit card debt making only the minimum payment per month

20.3% Average credit card interest rate in October 2019

£2,604 Average credit card debt per household in October 2019

£35,950 Average student debt for the latest cohort in England to enter repayment

£48,543 Average first-time buyer house deposit in October 2019

0.84% Average interest rate on a cash ISA in October 2019

1.5% Increase in average real pay in the year to October 2019

£59,840 Average total debt per UK household in October 2019

UK Personal Debt

People in the UK owed £1,665 billion at the end of October 2019.

This is up from £1,618 billion at the end of October 2018, an extra £883 per UK adult over the year.

The average total debt per household, including mortgages, was £59,840.

Per adult this was £31,569, around 111.7% of average earnings. This is up from a revised £31,477 a month earlier.

Based on October 2019 trends, the UK’s total interest payments on personal debt over a 12-month period would have been £51,137 million, an average of £140 million per day.

The average annual interest per household would have been £1,838 and per person £9703.4% of average earnings.

According to the Office for Budget Responsibility’s March 2019 forecast, household debt is forecast to reach £2.425 trillion in 2023-24.

This would make the average household debt £86,388 (assuming household numbers track ONS population projections.)

At the end of October 2019, outstanding consumer credit lending was £225.0 billion, increasing by £518 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £72.4 billion, an increase of 0.18% in the year to October. Credit card debt averaged £2,604 per household and £1,373 per adult.

A credit card on the average interest would take 26 years and 7 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £66 but would reduce each month. If £66 were paid every month, the debt would be cleared in around 5 years and 3 months.

Total net lending to individuals and housing associations by UK banks and building societies rose by £4.83 billion in October 2019 or £156 million a day over revised figures for September.

Net mortgage lending rose by £4.314 billion in the month, while net consumer credit lending increased by £0.518 billion.

In Q3 2019 lenders wrote off £1.123 billion (of which £347 million was credit card debt, amounting to a daily write-off of £3.8 million.)

Everyday in the UK

The population of the UK grew by an estimated 1,083 people a day between 2017 and 2018.

On average, a UK household spends £4.18 a day on water, electricity and gas.

336 people a day were declared insolvent or bankrupt in July to September 2019. This was equivalent to one person every 4 minutes and 17 seconds.

In Northern Ireland, there were 8 insolvencies per day and in Scotland 38 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 2,608 debt issues every day in the year to November 2019.

14 properties were repossessed every day in Q2 2019 in England and Wales, or one every 1 hour and 40 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 20 a day.

The number of people unemployed in the UK fell by 123 per day in the year to October 2019.

1,283 people a day reported they had become redundant in August to October 2019.

Net lending to individuals and housing associations in the UK grew by £156 million a day in October 2019.

Government debt increased by £117.3 million a day in the year to October 2019.

Borrowers paid £140 million a day in interest in October 2019.

It costs an average of £22.92 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 £28.16 per day.

76 mortgage possession claims and 45 mortgage possession orders were made every day in England and Wales in July to September 2019.

309 landlord possession claims and 241 landlord possession orders were made every day.