UK Personal Debt
People in the UK owed £1.572 trillion at the end of December 2017. This is up from £1.512 trillion at the end of December 2016 – an extra £1,105.77 per UK adult.
The average total debt per household – including mortgages – was £57,830 in December. The revised figure for November was £57,686.
Per adult in the UK that’s an average debt of £30,386 in December – around 114%of average earnings. This is up from a revised £30,310 a month earlier.
Based on December 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£50,732 billion.
That’s an average of £139 million per day.
This means that households in the UK would have paid an average of £1,865 in annual interest repayments. Per person that’s £980 – 3.68% of average earnings.
Outstanding consumer credit lending was £207.1 billion at the end of December 2017.
This is up from £193.11 billion at the end of December 2016, and is an increase of £271.06 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,616 in December, up from a revised £7,574 in November – and £515.88 extra per household over the year.
It also means the average consumer credit borrowing stood at £4,001 per UK adult. This is up from a revised £3,979 in November.
Total credit card debt in December 2017 was £70.1bn. Per household this is £2,579 – for a credit card bearing the average interest, it would take 26 years and 3 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £62 but reduces each month. If you paid £62 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 rose by £3.9 billion in December 2017 – or £126.8m a day.
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 £3.27 a day on water, electricity and gas.
276 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes and 13 seconds.
543 credit and debit card purchase transactions were made every second in October 2017, with a total value of £1.92 billion.
1,756 Consumer County Court Judgements (CCJs) were issued every day in Q3, with an average value of £1,472.
Citizens Advice Bureaux in England and Wales dealt with 2,767 new debt problems every day during December 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 16 a day.
The number of people unemployed fell by 483 per day from September to November 2017.
1,198 people a day reported they had become redundant between September to November.
Net lending to individuals in the UK increased by £126.8 million a day in December 2017.
The Government debt rose by £171m a day during December 2017.
Borrowers would repay £139 million a day in interest over a year, based on December 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.