The Money Statistics January 2019

£58,948 Average total debt per UK household in November 2018

£32,220 Average student debt for 2016 cohort in England

-5.7% Change in the average real wage since pre-crash peak in February 2008

£898.71 Increase in average total debt per adult in the year to November 2018

0.88% Average interest rate on a cash ISA in November 2018

18.69% Average credit card interest rate in November 2018

£7,854 Average consumer credit debt per household in November 2018

26 years and 6 months Time to pay off average credit card debt making only the minimum payment per month

£31.5 billion Increase in Public Sector Net Debt (excluding RBS and debt to Bank of England) in the year to November 2018

UK Personal Debt

People in the UK owed £1.616 trillion at the end of November 2018.

This is up from £1.569 trillion at the end of November 2017, an extra £898.71 per UK adult and £78.15 higher than the previous month.

The average total debt per household, including mortgages, was £58,948 in November. The revised figure for October was £58,799.

Per adult in the UK that’s an average debt of £30,832 in November, around 112% of average earnings. This is up from a revised £30,754 a month earlier.

Based on November 2018 trends, the UK’s total interest payments on personal debt over a 12 month period would have been £51,243 million. That’s an average of £140 million per day.

This means that households in the UK would have paid an average of £1,869 in annual interest payments. Per person that’s £9773.6% of average earnings.

According to the Office for Budget Responsibility’s October 2018 forecast, household debt is forecast to reach £2.258 trillion in Q1 2022.

This would make the average household debt £80,534 (assuming household numbers track ONS population projections.)

Outstanding consumer credit lending was £215.4 billion at the end of November 2018, increasing by £451 million on last month.

This is also up from £206.2 billion at the end of November 2017, an increase over the year of £174.80 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,854 in November, up slightly from a revised £7,838 in October, and £334.21 extra per household over the year.

The average consumer credit borrowing stood at £4,108 per adult, 14.9% of average earnings. This is up from £4,099 last month.

Total credit card debt in November 2018 was £72.5 billion. Per household this is £2,643.

A credit card on the average interest would take 26 years and 6 months to repay, making only minimum repayments each month.

The minimum repayment in the first month would be £64 but would reduce each month. If £64 were paid every month, the debt would be cleared in around 5 years and 3 months.

Total net lending to individuals by UK banks and building societies rose by £4.1 billion in November 2018 or £137 million a day.

Net mortgage lending rose by £3.65 billion in the month; net consumer credit lending rose by £0.45 billion.

In Q3 2018 lenders wrote off £1.094 billion (of which £471 million was credit card debt, amounting to a daily write-off of £5.1 million.)

Everyday in the UK

The population of the UK grew by an estimated 1,166 people a day between 2017 and 2018.

On average, a UK household spends £3.97 a day on water, electricity and gas.

273 people a day were declared insolvent or bankrupt in July to September 2018. This was equivalent to one person every 5 minutes and 16 seconds.

3,001 Consumer County Court Judgements (CCJs) were issued every day in Q3 2018, with an average value of £1,337.

Citizens Advice Bureaux in England, Wales and Northern Ireland dealt with 2,465 debt issues every day in the year to December 2018.

12 properties were repossessed every day in Q3 2018, or one every 2 hours.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 11 a day.

The number of people unemployed fell by 186 per day in the year to November 2018.

1000 people a day reported they had become redundant in September to November 2018.

Net lending to individuals and housing associations in the UK grew by £137 million a day in November 2018.

Government debt fell by £86 million a day in the year to November 2018.

Borrowers paid £140 million a day in interest in November 2018.

It costs an average of £22.95 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 £27.90 per day.

53 mortgage possession claims and 34 mortgage possession orders were made every day in July to September 2018.

344 landlord possession claims and 257 landlord possession orders were made every day.