The Money Statistics December 2022

7.22% Change in outstanding credit card balances in year to October 2022

£2,252 Average credit card debt per household in October 2022

11.1% Inflation rate in the year to October 2022

0 pence per litre Change in the price of unleaded petrol in November 2022

8.9% Increase in average first-time buyer house price in the year to September 2022

21 years Time to save for a first-time buyer house deposit, saving at the average rate out of average UK income (at April to June 2022 rate of household saving)

£3,895 Total unsecured debt per UK adult in October 2022

£65,746 Average total debt per UK household in October 2022

UK Personal Debt

People in the UK owed £1,827.2 billion at the end of October 2022.

This is up by £73.7 billion from £1,753.5 billion at the end of October 2021, an extra £1,393.86 per UK adult over the year.

The average total debt per household, including mortgages, was £65,746.

Per adult this was £34,547, around 107.4% of average earnings. This is up from the revised £34,464 a month earlier.

Based on October 2022 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £51,786 million, an average of £142 million per day.

The average annual interest per household would have been £1,863 and per person £979, 3.04% of average earnings.

According to the Office for Budget Responsibility’s March 2022 forecast, household debt of all types is forecast to rise from £2,019 billion in 2020 to £2,447 billion in 2025.

This would make the average total household debt £85,906 (assuming household numbers track ONS population projections.)

At the end of October 2022, outstanding consumer credit lending was £206.0 billion, rising by £427 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £62.6 billion, an increase of 7.22% in the year to October 2022. Credit card debt averaged £2,252 per household and £1,184 per adult.

A credit card on the average interest would take 25 years and 8 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £60 but would reduce each month. If £60 were paid every month, the debt would be cleared in around 5 years and 1 month.

Total net lending to individuals and housing associations by UK banks and building societies grew by £4.4 billion in October 2022 or £141 million a day over revised figures for September 2022.

Net mortgage lending rose by £4.0 billion in the month, while net consumer credit lending increased by £205 million.

In Q3 2022 lenders wrote off £774 million (of which £279 million was credit card debt, amounting to a daily write-off of £8.4 million.)

Everyday in the UK

The population of the UK grew by an estimated 777 people a day between 2019 and 2020.

On average, a UK household spends £4.12 a day on water, electricity and gas.

338 people a day were declared insolvent or bankrupt in England or Wales in August to October 2022. This was equivalent to one person every 4 minutes and 16 seconds.

In Northern Ireland in October 2022, there were 5.2 insolvencies per day. In Scotland in the three months to September 2022 there were 22.5 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 2,105 debt issues every day in the year to November 2022.

6.9 properties were repossessed every day in April to June 2022 in the UK, or one every 3 hours and 28 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 21.5 a day in the year to June 2022.

The number of people unemployed in the UK fell by 625 per day in the twelve months to September 2022.

815 people a day reported they had become redundant in July to September 2022.

Net lending to individuals and housing associations in the UK grew by £141 million a day in October 2022.

Government debt increased by £466 million a day in the three months to October 2022.

Borrowers paid £142 million a day in interest in October 2022.

It costs an average of £24.44 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 £29.50 per day.

38.2 mortgage possession claims and 26.2 mortgage possession orders were made every day in England and Wales in April to June 2022.

200 landlord possession claims and 157.4 landlord possession orders were made every day.