UK Personal Debt
People in the UK owed £1,637 billion at the end of April 2019.
This is up from £1,588 billion at the end of April 2018, an extra £946.00 per UK adult over the year.
The average total debt per household, including mortgages, was £59,713.
Per adult this was £31,232, around 112.6% of average earnings. This is up from a revised £31,147 a month earlier.
Based on April 2019 trends, the UK’s total interest payments on personal debt over a 12-month period would have been £50,687 million, an average of £139 million per day.
The average annual interest per household would have been £1,849 and per person £967, 3.5% of average earnings.
According to the Office for Budget Responsibility’s March 2019 forecast, household debt is forecast to reach £2.425 trillion in 2023-24.
This would make the average household debt £86,388 (assuming household numbers track ONS population projections.)
At the end of April 2019, outstanding consumer credit lending was £217.0 billion, increasing by £278 million on the revised total for the previous month.
Within the total, outstanding credit card debt came to £72.7 billion, an average of £2,653 per household and £1,387 per adult.
A credit card on the average interest would take 26 years and 9 months to repay, making only the legal minimum repayments each month.
The minimum repayment in the first month would be £67 but would reduce each month. If £67 were paid every month, the debt would be cleared in around 5 years and 3 months.
Total net lending to individuals and housing associations by UK banks and building societies rose by £4.43 billion in April 2019 or £148 million a day over revised figures for March.
Net mortgage lending rose by £4.147 billion in the month; net consumer credit lending rose by £0.278 billion.
In Q1 2019 lenders wrote off £1.260 billion (of which £432 million was credit card debt, amounting to a daily write-off of £4.8 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 £4.05 a day on water, electricity and gas.
350 people a day were declared insolvent or bankrupt in January to March 2019. This was equivalent to one person every 4 minutes and 7 seconds.
3,567 Consumer County Court Judgements (CCJs) were issued every day in England and Wales in Q1 2019, with an average value of £1,398.
Citizens Advice Bureaux in England, Wales and Northern Ireland dealt with 2,527 debt issues every day in the year to May 2019.
15 properties were repossessed every day in Q1 2019, or one every 1 hour and 34 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 8 a day.
The number of people unemployed fell by 307 per day in the year to March 2019.
1,213 people a day reported they had become redundant in January to March 2019.
Net lending to individuals and housing associations in the UK grew by £148 million a day in April 2019.
Government debt increased by £96.2 million a day in the year to May 2019.
Borrowers paid £139 million a day in interest in April 2019.
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.
68 mortgage possession claims and 48 mortgage possession orders were made every day in January to March 2019.
337 landlord possession claims and 263 landlord possession orders were made every day.