The Money Statistics March 2021

£2,300 Average increase in debt and arrears since March 2020 among those who have fallen behind on bills or borrowed for essentials

-22.4% Change in outstanding credit card balances in year to January 2021

£2,009 Average credit card debt per household in January 2021

360,000 Increase in unemployment in the year to January 2021

£3,763 Total unsecured debt per UK adult in January 2021

£60,999 Average total debt per UK household in January 2021

6.8% Increase in average first-time buyer house price in the year to January 2021

10 years Time to save for a first-time buyer house deposit, saving at the average rate out of average UK income (at July to Sept 2020 rate of household saving)

UK Personal Debt

People in the UK owed £1,700.2 billion at the end of January 2021.

This is up by £20.1 billion from £1,680.1 billion at the end of January 2020, an extra £379 per UK adult over the year.

The average total debt per household, including mortgages, was £60,999.

Per adult this was £32,087, around 107.6% of average earnings. This is up from a revised £32,042 a month earlier.

Based on January 2021 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £44,531 million, an average of £122 million per day.

The average annual interest per household would have been £1,598 and per person £8402.82% of average earnings.

According to the Office for Budget Responsibility’s March 2021 forecast, household debt of all types is forecast to rise from £2,006 billion in 2020 to £2,354 billion in 2025.

This would make the average household debt £82,641 (assuming household numbers track ONS population projections.)

At the end of January 2021, outstanding consumer credit lending was £199.4 billion, falling by £2.8 billion on the revised total for the previous month.

Within the total, outstanding credit card debt came to £56.0 billion, a decrease of 22.4% in the year to January 2021. Credit card debt averaged £2,009 per household and £1,057 per adult.

A credit card on the average interest would take 24 years and 7 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £52 but would reduce each month. If £52 were paid every month, the debt would be cleared in around 5 years and 2 months.

Total net lending to individuals and housing associations by UK banks and building societies rose by £2.38 billion in January 2021 or £76.8 million a day over revised figures for December 2020.

Net mortgage lending rose by £5.17 billion in the month, while net consumer credit lending fell by £2.79 billion.

In Q4 2020 lenders wrote off £960 million (of which £292 million was credit card debt, amounting to a daily write-off of £3.2 million.)

Everyday in the UK

The population of the UK grew by an estimated 990 people a day between 2018 and 2019.

On average, a UK household spends £4.29 a day on water, electricity and gas.

275 people a day were declared insolvent or bankrupt in England or Wales in December 2020 to February 2021. This was equivalent to one person every 5 minutes and 12 seconds.

In Northern Ireland in February 2021, there were 5.1 insolvencies per day and in Scotland 14.4 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 1,616 debt issues every day in the year to February 2021.

1.5 properties were repossessed every day in October to December 2020 in the UK, or one every 15 hours and 46 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 18 a day in the year to December 2020.

The number of people unemployed in the UK grew by 984 per day in the twelve months to January 2021.

3,348 people a day reported they had become redundant in November 2020 to January 2021.

Net lending to individuals and housing associations in the UK grew by £76.8 million a day in January 2021.

Government debt increased by £789 million a day in the year to February 2021.

Borrowers paid £122 million a day in interest in January 2021.

It costs an average of £23.25 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 £28.22 per day.

2.8 mortgage possession claims and 0.3 mortgage possession orders were made every day in England and Wales in October to December 2020.

91 landlord possession claims and 23.9 landlord possession orders were made every day.