UK Personal Debt
People in the UK owed £1.474 trillion at the end of March 2015. This is up from £1.445 trillion at the end of March 2014 – an extra £579 per UK adult.
The average total debt per household – including mortgages – was £55,197 in March. The revised figure for February was £55,086.
Per adult in the UK that’s an average debt of £29,186 in March – around 115.4% of average earnings. This is up from a revised £29,127 in February.
Based on March 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £55.168 billion. That’s an average of £151 million per day. This means that households in the UK would have paid an average of £2,066 in annual interest repayments. Per person that’s £1,092 – 4.32% of average earnings.
Outstanding consumer credit lending was £170.2 billion at the end of March 2015. This is up from £160.0 billion at the end of March 2014, and is an increase of £203 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,376 in March, up from a revised £6,333 in January – or £385 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,371 per UK adult in March. This is up from a revised £3,348 in February.
Total credit card debt in March 2015 was £61.2bn. Per household this is £2,292 – for a credit card bearing the average interest, it would take 25 years and 2 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 £1.304 trillion at the end of March. This is up from £1.284 trillion at the end of March 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £117,704 in March.
The average Mortgage Interest rate was 3.14% at the end of March. Based on this, households with mortgages would pay an average of £3,696 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.68%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,870 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 £2.91 a day on water, electricity and gas.
231 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.
34 million plastic card purchase transactions were made every day in January 2014, with a total value of £1.574 billion.
8.50m cash machine transactions were made every day in March with a value of £340m.
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 6,407 new debt problems every working day during the year ending December 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 504 per day.
1,163 people a day reported they had become redundant between December and February.
Government borrowed £238m a day during March 2015 (£2,759 per second).
Net lending to individuals in the UK increased by £100m a day.
Borrowers would repay £151m a day in interest over a year, based on March 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.