UK Personal Debt
People in the UK owed £1,786.6 billion at the end of April 2022.
This is up by £67.1 billion from £1,719.5 billion at the end of April 2021, an extra £1,269.14 per UK adult over the year.
The average total debt per household, including mortgages, was £64,286.
Per adult this was £33,780, around 105.3% of average earnings. This is up from the revised £33,686 a month earlier.
Based on April 2022 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £46,133 million, an average of £126 million per day.
The average annual interest per household would have been £1,660 and per person £872, 2.72% 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 April 2022, outstanding consumer credit lending was £201.9 billion, rising by £1.1 billion on the revised total for the previous month.
Within the total, outstanding credit card debt came to £60.9 billion, an increase of 8.70% in the year to April 2022. Credit card debt averaged £2,192 per household and £1,152 per adult.
A credit card on the average interest would take 25 years and 5 months to repay, making only the legal minimum repayments each month.
The minimum repayment in the first month would be £58 but would reduce each month. If £58 were paid every month, the debt would be cleared in around 5 years and 1 month.
Total net lending to individuals and housing associations by UK banks and building societies grew by £5.7 billion in April 2022 or £190.3 million a day over revised figures for March 2022.
Net mortgage lending rose by £4.6 billion in the month, while net consumer credit lending increased by £593 million.
In Q1 2022 lenders wrote off £773 million (of which £270 million was credit card debt, amounting to a daily write-off of £3 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 £4.15 a day on water, electricity and gas.
342 people a day were declared insolvent or bankrupt in England or Wales in March to May 2022. This was equivalent to one person every 4 minutes and 13 seconds.
In Northern Ireland in April 2022, there were 4.6 insolvencies per day. In Scotland in the three months to March 2022 there were 21.0 insolvencies per day.
Citizens Advice Bureaux in England and Wales dealt with 2,030 debt issues every day in the year to May 2022.
6.4 properties were repossessed every day in January to March 2022 in the UK, or one every 3 hours and 43 minutes.
The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 22.8 a day in the year to March 2022.
The number of people unemployed in the UK fell by 973 per day in the twelve months to April 2022.
629 people a day reported they had become redundant in February to April 2022.
Net lending to individuals and housing associations in the UK grew by £190.3 million a day in April 2022.
Government debt increased by £554 million a day in the three months to May 2022.
Borrowers paid £126 million a day in interest in April 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.
32.1 mortgage possession claims and 25.5 mortgage possession orders were made every day in England and Wales in January to March 2022.
211 landlord possession claims and 144.2 landlord possession orders were made every day.