The Money Statistics January 2018

0.4% The fall in real terms wages excluding bonuses

£3,280 The average interest from a new mortgage over a year

5% The reduction in loans approved for house purchases over the year

26 years and 3 months The amount of time to pay off an average credit card debt with minimum repayments

0.06% Increase in cash ISA interest on last month

1.4% The rise in private rent over the year to November

4,563 The number of debt problems dealt with by Citizens Advice every day in November

£70bn The total amount credit card debt in November

0.6% The fall in house price increase over the year compared to last month

UK Personal Debt

People in the UK owed £1.566 trillion at the end of November 2017. This is up from £1.512 trillion at the end of November 2016 – an extra £1,040.96 per UK adult.

The average total debt per household – including mortgages – was £57,578 in November. The revised figure for October was £57,424.

Per adult in the UK that’s an average debt of £30,253 in October – around 113.8%of average earnings. This is up from a revised £30,172 a month earlier.

Based on November 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49,949 billion.

That’s an average of £137 million per day.

This means that households in the UK would have paid an average of £1,836 in annual interest repayments. Per person that’s £965 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

Outstanding consumer credit lending was £205.8 billion at the end of November 2017.

This is up from £192.19 billion at the end of November 2016, and is an increase of £259.24 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,565 in November, up from a revised £7,541 in October – and  £493.38 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,975 per UK adult. This is up from a revised £3,962 in October.

Total credit card debt in November 2017 was £70bn. Per household this is £2,574 – 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.

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.

277 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 12 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 Judgments (CCJs) were issued every day in Q3, with an average value of £1,472.

Citizens Advice Bureaux in England and Wales dealt with 4,563 new debt problems every day during October 2017.

21 properties are repossessed every day, or one every 1 hour and 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 November.

1,087 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 in October.

The Government debt fell by £64m a day during November 2017.

Borrowers would repay £137 million a day in interest over a year, based on November 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.