UK Personal Debt
Outstanding personal debt stood at £1.451 trillion at the end of November 2011.
This is down from £1.455 trillion at the end of November 2010. Individuals owed nearly as much as the entire country produced in the four quarters between Q4 2010 and Q3 2011.
Outstanding secured (mortgage) lending stood at £1.244 trillion at the end of November 2011. This is up from £1.239 trillion at the end of November 2010.
Outstanding unsecured (consumer credit) lending stood at £208 billion at the end of November 2011.
This is down from £216 billion at the end of November 2010.
Average household debt in the UK (excluding mortgages) was £7,982 in November. This is down from a revised £7,995 in October.
Average household debt in the UK (including mortgages) was £55,816 in November. This is slightly up from a revised £55,815 in October. Average amount owed per UK adult (including mortgages) was £29,543 in November. This was around 122% of average earnings.
Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £4,225 in November. The average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £110,608 in November.
Based in November 2011 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £63.1 billion.
This is equivalent to £173 million per day This means that UK households would have paid an average of £2,427 in annual interest repayments.
The Office for Budget Responsibility (OBR) predicts that total household debt will reach £2.045 trillion in Q1 2017.This would mean that average household debt would reach £78,669 (assuming that the number of households in the UK remained the same between now and Q1 2017).
Net lending by UK Banks and Building Societies rose by £1.0 billion in total in November 2011. Net secured lending rose by £0.6 billion in the month; net consumer credit lending rose by £0.4 billion.
UK Banks and Building Societies wrote-off £7.6 billion of loans to individuals over the 4 quarters to Q3 2011. In Q3 2011 itself they wrote-off £1.43 billion (of which £716 million was credit card debt) amounting to
a daily write-off of £15.68m.
Everyday in the UK
Based on the latest available data, Credit Action estimates that every day in the UK: 331 people are declared insolvent or bankrupt every day (based on Q3 2011 trends). This is equivalent to 1 person every 60 seconds during each working day.
1,779 Consumer County Court Judgements (CCJs) are issued every day (based on Q3 2011 trends). The average value of a CCJ in Q3 2011 was £2,816.
Citizens Advice Bureaux in England and Wales dealt with 8,652 new debt problems every working day during the year ending September 2011.
It costs an average of £27.50 per day to raise a child from birth to the age of 21.
101 properties are repossessed every day (based on Q3 2011 trends).
88 new people a day became unemployed for over 12 months during the year ending October 2011.
1,764 people a day reported they had become redundant between August and October 2011
The Government’s Public Sector Net Debt (including financial interventions) will grow by an average of £185,500,000 today, equivalent to £2,147 per second (based on November 2011 data).
The Government pays an estimated £139,320,000 of interest each day on the UK’s Public Sector Net Debt of £2305.6bn (including financial interventions).
193 mortgage possession claims are issued and 153 mortgage possession orders are made every day
402 landlord possession claims are issued and 274 landlord possession orders are made every day.