UK Personal Debt
People in the UK owed £1.576 trillion at the end of January 2018. This is up from £1.52 trillion at the end of January 2017– an extra £1,077.51 per UK adult.
The average total debt per household – including mortgages – was £57,943 in January. The revised figure for November was £57,820.
Per adult in the UK that’s an average debt of £30,455 in January – around 114%of average earnings. This is up from a revised £30,380 a month earlier.
Based on January 2018 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50,805 billion. That’s an average of £139 million per day.
This means that households in the UK would have paid an average of £1,868 in annual interest repayments. Per person that’s £981 – 3.68% of average earnings.
According to the Office for Budget Responsibility’s November 2017 forecast, household debt is predicted to reach £2.296 trillion in Q1 2022. This makes the average household debt £84,412.
Outstanding consumer credit lending was £207.5 billion at the end of January 2018.
This is up from £194.3 billion at the end of January 2017, and is an increase of £255.28 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,629 in January, up from a revised £7,615 in December – and £485.85 extra per household over the year.
It also means the average consumer credit borrowing stood at £4,009 per UK adult. This is up from a revised £4,001 in December.
Total credit card debt in January 2018 was £70.35bn. Per household this is £2,586 – for a credit card bearing the average interest, it would take 26 years and 4 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £62 but reduces each month. If you paid £62 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 £3.3 billion in January 2018– or £106.5m a day.
Everyday in the UK
The population of the UK grew by an estimated 1,474 people a day between 2015 and 2016.
On average, a UK household spends £3.53 a day on water, electricity and gas.
276 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes and 13 seconds.
528 credit and debit card purchase transactions were made every second in Q3, with a total value of £1.90 billion.
1,756 Consumer County Court Judgements (CCJs) were issued every day in Q3, with an average value of £1,472.
Citizens Advice Bureaux in England and Wales dealt with 4,475 new debt problems every day during January 2017.
18 properties are repossessed every day, or one every 1 hour and 17 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 16 a day.
The number of people unemployed fell by 337 per day from October to December 2017.
1,163 people a day reported they had become redundant between October to December.
Net lending to individuals in the UK increased by £106.5 million a day in January 2018.
The Government debt rose by £171m a day during December 2017.
Borrowers would repay £139 million a day in interest over a year, based on December 2017 trends.
It costs an average of £23.61 per day to raise a child from birth to the age of 18 for a couple. This is an increase of 8.7% since 2012.
It costs an average of £28.48 per day to raise a child from birth to the age of 18 for a lone parent family. This is an increase of 20.7% since 2012.
52 mortgage possession claims and 37 mortgage possession orders are made every day.
371 landlord possession claims and 275 landlord possession orders are made every day.