The Money Statistics March 2019

£2,638 Average credit card debt per household in January 2019

1.9% Increase in Consumer Prices Index in the year to February 2019

£59,409 Average total debt per UK household in January 2019

0.4% Average increase in house prices in the year to February 2019, according to Nationwide

-5.3% Change in the average real wage since pre-crash peak in February 2008

0.84% Average interest rate on a cash ISA in January 2019

18.67% Average credit card interest rate in January 2019

26 years and 5 months Time to pay off average credit card debt making only the minimum payment per month

£4.56 billion Public sector net surplus (excluding RBS and Bank of England) in the three months to January 2019

UK Personal Debt

People in the UK owed £1,629 billion at the end of January 2019.

This is up from £1,579 billion at the end of January 2018, an extra £952.50 per UK adult over the year.

The average total debt per household, including mortgages, was £59,409 in December.

Per adult was £31,073, around 112.4% of average earnings. This is up from a revised £30,092 a month earlier.

Based on January 2019 trends, the UK’s total interest payments on personal debt over a 12 month period would have been £51,159 million, an average of £140 million per day.

The average annual interest per household would have been £1,886 and per person £9763.5% 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 January 2019, outstanding consumer credit lending was £216.3 billion, increasing by £674 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £72.3 billion, an average of £2,638 per household £1,380 per adult.

A credit card on the average interest would take 26 years and 5 months to repay, making only minimum repayments each month.

The minimum repayment in the first month would be £64 but would reduce each month. If £64 were paid every month, the debt would be cleared in around 5 years and 4 months.

Total net lending to individuals and housing associations by UK banks and building societies rose by £4.2 billion in January 2019 or £136 million a day.

Net mortgage lending rose by £3.547 billion in the month; net consumer credit lending rose by £0.674 billion.

In Q4 2018 lenders wrote off £1.004 billion (of which £488 million was credit card debt, amounting to a daily write-off of £5.3 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 £3.97 a day on water, electricity and gas.

371 people a day were declared insolvent or bankrupt in October to December 2018. This was equivalent to one person every 3 minutes and 53 seconds.

3,055 Consumer County Court Judgements (CCJs) were issued every day in England and Wales in 2018, with an average value of £1,431.

Citizens Advice Bureaux in England, Wales and Northern Ireland dealt with 2,491 debt issues every day in the year to February 2019.

12 properties were repossessed every day in Q4 2018, or one every 2 hours.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 10 a day.

The number of people unemployed fell by 307 per day in the year to January 2019.

989 people a day reported they had become redundant in November 2018 to January 2019.

Net lending to individuals and housing associations in the UK grew by £136 million a day in January 2019.

Government debt increased by £73.7 million a day in the year to January 2019.

Borrowers paid £140 million a day in interest in January 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.

61 mortgage possession claims and 39 mortgage possession orders were made every day in October to December 2018.

313 landlord possession claims and 255 landlord possession orders were made every day.