UK Personal Debt
People in the UK owed £1.436 trillion at the end of May 2015.
- This is up from £1.407 trillion at the end of May 2014 – an extra £584 per UK adult.
The average total debt per household – including mortgages – was £53,790 in May. The revised figure for April was £53,718.
Per adult in the UK that’s an average debt of £28,442 in May – around 110.6% of average earnings. This is up from a revised £28,404 in April.
Based on May 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £53.526 billion.
- That’s an average of £147 million per day.
- This means that households in the UK would have paid an average of £2,008 in annual interest repayments. Per person that’s £1,060 – 4.12% of average earnings.
Outstanding consumer credit lending was £171.6 billion at the end of May 2015.
- This is up from £160.9 billion at the end of May 2014, and is an increase of £211.20 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,425 in May, up from a revised £6,399 in April – or £399 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,397 per UK adult in May. This is up from a revised £3,384 in April.
Total credit card debt in May 2015 was £61.7bn. Per household this is £2,311 – for a credit card bearing the average interest, it would take 25 years and 3 months to repay if you made only the minimum repayment each month.
- The minimum repayment in the first month would be £55 but reduces each month. If you paid £55 every month, the debt would be cleared in around 5 years and 4 months.
UK Banks and Building Societies wrote off £3.163 billion of loans to individuals over the four quarters to Q1 2015.
Outstanding mortgage lending stood at £1.265 trillion at the end of May.
- This is up from £1.246 trillion at the end of May 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £114,192 in May.
The average Mortgage Interest rate was 3.11% at the end of May. Based on this, households with mortgages would pay an average of £3,551 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.59%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,252 in interest over the year.
According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in April was 16% (around £22,473)– 84% of an average salary.
- The average first-time buyer borrowed 3.44 times their income and the average first-time buyer loan was an estimated £120,000.
The average monthly rent for a two-bedroom house in England was £595 – in London this was £1,400 (135% higher).
Everyday in the UK
The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.
It costs an average of £29.91 per day to raise a child from birth to the age of 21.
On average, a UK household spends £3.10 a day on water, electricity and gas.
231 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.
36 million plastic card purchase transactions were made every day in February 2015, with a total value of £1.69 billion.
8.4m cash machine transactions were made every day in May with a value of £355m.
2,330 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,171.
Citizens Advice Bureaux in England and Wales dealt with 6,323 new debt problems every working day during the year ending March 2015.
48 properties are repossessed every day, or one every 29 min 42 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 67 a day.
The number of people unemployed for over 12 months fell by 600 per day.
1,222 people a day reported they had become redundant between February and April.
Government borrowed £327m a day during April 2015 (£3,782 per second).
Net lending to individuals in the UK increased by £64m a day.
Borrowers would repay £147m a day in interest over a year, based on May 2015 trends.
63 mortgage possession claims and 47 mortgage possession orders are made every day.
469 landlord possession claims and 349 landlord possession orders are made every day.