UK Personal Debt
People in the UK owed £1.469 trillion at the end of January 2015. This is up from £1.440 trillion at the end of January 2014 – an extra £574 per UK adult.
The average total debt per household – including mortgages – was £55,003 in January. The revised figure for December was £54,912.
Per adult in the UK that’s an average debt of £29,083 in January – around 114.1% of average earnings. This is up from a revised £29,035 in December.
Based on January 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£55.5 billion. That’s an average of £152 million per day. This means that households in the UK would have paid an average of £2,079 in annual interest repayments. Per person that’s £1,099 – 4.31% of average earnings.
Outstanding consumer credit lending was £169.5 billion at the end of January 2015. This is up from £159.1 billion at the end of January 2014, and is an increase of £204 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,346 in January, up from a revised £6,322 in December – or £386 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,356 per UK adult in January. This is up from a revised £3,343 in December.
Total credit card debt in January 2015 was £61.2bn. Per household this is £2,292 – 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.
Outstanding mortgage lending stood at £1.299 trillion at the end of January. This is up from £1.281 trillion at the end of January 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £117,305 in January.
The average Mortgage Interest rate was 3.17% at the end of January. Based on this, households with mortgages would pay an average of £3,719 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.81%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,700 in interest over the year.
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 £3.17 a day on water, electricity and gas.
244 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 55 seconds.
33.8 million plastic card purchase transactions were made every day in December 2014, with a total value of £1.582 billion.
8.44m cash machine transactions were made every day in January with a value of £307m.
1,765 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,527.
Citizens Advice Bureaux in England and Wales dealt with 6,389 new debt problems every working day during the year ending September 2014.
58 properties are repossessed every day, or one every 25 min 2 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 76 a day.
The number of people unemployed for over 12 months fell by 575 per day.
1,163 people a day reported they had become redundant between October and December.
Government repaid £282m a day during January 2015 (£3,268 per second).
Net lending to individuals in the UK increased by £77m a day.
Borrowers would repay £152m a day in interest over a year, based on January 2015 trends.
77 mortgage possession claims and 54 mortgage possession orders are made every day.
377 landlord possession claims and 298 landlord possession orders are made every day.