The Money Statistics January 2023

£65,914 Average total debt per UK household in November 2022

£2,290 Average credit card debt per household in November 2022

£3,913 Total unsecured debt per UK adult in November 2022

7.82% Change in outstanding credit card balances in year to November 2022

11.5 pence per litre Decrease in the price of unleaded petrol in December 2022

10.5% Inflation rate in the year to December 2022

10.3% Increase in average first-time buyer house price in the year to November 2022

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

UK Personal Debt

People in the UK owed £1,831.9 billion at the end of November 2022.

This is up by £73.6 billion from £1,758.1 billion at the end of November 2021, an extra £1,394.44 per UK adult over the year.

The average total debt per household, including mortgages, was £65,914.

Per adult this was £34,636, around 106.5% of average earnings. This is up from the revised £34,532 a month earlier.

Based on November 2022 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £53,682 million, an average of £147 million per day.

The average annual interest per household would have been £1,932 and per person £1,015, 3.12% 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 November 2022, outstanding consumer credit lending was £207.0 billion, rising by £1.1 billion on the revised total for the previous month.

Within the total, outstanding credit card debt came to £63.6 billion, an increase of 7.82% in the year to November 2022. Credit card debt averaged £2,290 per household and £1,203 per adult.

A credit card on the average interest would take 25 years and 10 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £62 but would reduce each month. If £62 were paid every month, the debt would be cleared in around 5 years.

Total net lending to individuals and housing associations by UK banks and building societies grew by £5.5 billion in November 2022 or £183 million a day over revised figures for October 2022.

Net mortgage lending rose by £4.3 billion in the month, while net consumer credit lending increased by £1.0 billion.

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.

319 people a day were declared insolvent or bankrupt in England or Wales in October to December 2022. This was equivalent to one person every 4 minutes and 31 seconds.

In Northern Ireland in December 2022, there were 4.0 insolvencies per day. In Scotland in the three months to December 2022 there were 21.4 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 2,120 debt issues every day in the year to December 2022.

7.6 properties were repossessed every day in July to September 2022 in the UK, or one every 3 hours and 9 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 16.2 a day in the year to September 2022.

The number of people unemployed in the UK fell by 378 per day in the twelve months to November 2022.

1,066 people a day reported they had become redundant in September to November 2022.

Net lending to individuals and housing associations in the UK grew by £183 million a day in November 2022.

Government debt increased by £657 million a day in the three months to December 2022.

Borrowers paid £147 million a day in interest in November 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.

40.0 mortgage possession claims and 27.1 mortgage possession orders were made every day in England and Wales in July to September 2022.

228.4 landlord possession claims and 166.9 landlord possession orders were made every day.