597,216 New enquiries to Citizen’s Advice in the three months between January and March 2016
5.9% The average amount in Q1 2016 that households saved from their post-tax income
£1,273 The rise in house prices in May
207,052 Mortgages were in arrears of greater that 1.5% in Q1 2016r
350,000 People over 50 were unemployed in the three months to April
46% Of households have less than £1,500 in savings
0.3% Remains as a record low average interest rate on instant access savings
4.726 million The record low number of adult benefit claimants (not in work)
33% Of households own outright
UK Personal Debt
People in the UK owed £1.479 trillion at the end of May 2016. This is up from £1.439 trillion at the end of May 2015 – an extra £773.78 per UK adult.
The average total debt per household – including mortgages – was £54,740 in May. The revised figure for April was £54,621.
Per adult in the UK that’s an average debt of £29,266 in May – around 112.9% of average earnings. This is slightly up from a revised £29,203 a month earlier.
Based on May 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £52.363 billion.
- That’s an average of £143 million per day.
- This means that households in the UK would have paid an average of £1,939 in annual interest repayments. Per person that’s £1,031 – 4.00% of average earnings.
According to the Office for Budget Responsibility’s July 2015 forecast, household debt is predicted to reach £2.551 trillion in Q1 2021. This makes the average household debt £94,481 (assuming that the number of households in the UK remained the same between now and Q1 2021).
Outstanding consumer credit lending was £184.3 billion at the end of May 2016.
- This is up from £173.8 billion at the end of May 2015, and is an increase of £206.85 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,825 in May, up from a revised £6,786 in April – or £386.89 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,649 per UK adult. This is up from a revised £3,628 in April.
Total credit card debt in May 2016 was £67bn. Per household this is £2,397 – for a credit card bearing the average interest, it would take 25 years and 6 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 every month, the debt would be cleared in around 5 years and 4 months.
Total net lending to individuals by UK banks and building societies rose by £4.3 billion in May 2016 – or £143m a day.
- Net mortgage lending rose by £2.8 billion in the month; net consumer credit lending rose by £1.5 billion.
- In Q1 itself they wrote off £624 million (of which £320 million was credit card debt) amounting to a daily write-off of £6.9 million.
There were 20,382 individual insolvencies in England and Wales in Q1 2016. This is equivalent to 226 people a day or, one person every 6 minutes 13 seconds. This was up 0.3% on the previous quarter but down 2.2% on the same period a year ago.
Everyday in the UK
The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.
On average, a UK household spends £3.78 a day on water, electricity and gas.
226 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.
34 million plastic card purchase transactions were made every day in April 2016, with a total value of £1.57 billion.
8.5m cash machine transactions were made every day in April with a value of £344m.
2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,030.
Citizens Advice Bureaux in England and Wales dealt with 4,495 new debt problems every day during the quarter ending March 2016.
18 properties are repossessed every day, or one every 1 hour and 19 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 41 a day.
The number of people unemployed for over 12 months fell by 211 per day between February and April.
1,133 people a day reported they had become redundant between February and April.
Net lending to individuals in the UK increased by £143 million a day.
The Government borrowed £250m a day during April 2016 (£2,894 per second).
Borrowers would repay £143m a day in interest over a year, based on May 2016 trends.
It costs an average of £30.23 per day to raise a child from birth to the age of 21.
53 mortgage possession claims and 36 mortgage possession orders are made every day.
398 landlord possession claims and 309 landlord possession orders are made every day.