UK Personal Debt
People in the UK owed £1.5877 trillion at the end of May 2018.
This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. This is a fall of £28.59 on last month.
The average household debt– including mortgages – was £58,371 in May. The revised figure for April was £58,231. average total debt per household.
Per adult in the UK that’s an average debt of £30,670 in May – around 113.8% of average earnings – down 0.1% on last month. This is up from a revised £30,596 a month earlier.
Based on May 2018 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50.338 billion.
That’s an average of £138 million per day.
This means that households in the UK would have paid an average of £1,851 in annual interest repayments. Per person that’s £972 – 3.61%of average earnings.
According to the Office for Budget Responsibility’s March 2018 forecast, household debt is predicted to reach £2.296 trillion in Q1 2022.
This makes the average household debt £84,412 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £212.9 billion at the end of May 2018, increasing by £2bn on last month.
This is also up from £199.7 billion at the end of May 2017, and is an increase of £227.88 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,778 in May, up slightly from a revised £7,740 in April – and £433.71 extra per household over the year.
The average consumer credit borrowing stood at £4,087 per adult. This is up £4,067 on last month.
Total credit card debt in May 2018 was £71.6bn. Per household this is £2,634 – for a credit card bearing the average interest, it would take 26 years and 5 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £64 but reduces each month. If you paid £64 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 increased by £3.8 billion in May 2018– or £122m a day.
Net mortgage lending increased by £2.77 billion in the month; net consumer credit lending rose by £1.03 billion as well.
In Q1 2018 they wrote off £1.069bn (of which £318 million was credit card debt) amounting to a daily write-off of £11.6 million.
Everyday in the UK
The population of the UK grew by an estimated 1,074 people a day between 2016 and 2017.
On average, a UK household spends £4.21 a day on water, electricity and gas.
304 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes and 44 seconds.
Cash machines were used an average of 96 times a second across the UK.
3,399 Consumer County Court Judgements (CCJs) were issued every day in Q1 2018, with an average value of £1,489.
Citizens Advice Bureaux in England and Wales dealt with 4,162 new debt problems every day during May 2017.
20 properties are repossessed every day, or one every 1 hour and 12 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 38 a day.
The number of people unemployed fell by 230 per day from March to May 2018.
1,033 people a day reported they had become redundant between March and May.
Net lending to individuals in the UK increased by £122 million a day in May 2018.
The Government debt fell by £46m a day during 2018.
Borrowers would repay £138 million a day in interest in year, based on May 2018 trends.
It costs an average of £23.61 per day for a couple to raise a child from birth to the age of 18.
This comes to £28.48 per day for a lone parent family.
50 mortgage possession claims and 34 mortgage possession orders are made every day.
354 landlord possession claims and 266 landlord possession orders are made every day.