UK Personal Debt
People in the UK owed £1.584 trillion at the end of April 2018.
This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult.
The average total debt per household – including mortgages – was £58,240 in April. The revised figure for March was £58,103.
Per adult in the UK that’s an average debt of £30,601 in April – around 114.4% of average earnings. This is up from a revised £30,529 a month earlier.
Based on April 2018 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £50,680 billion.
That’s an average of £139 million per day.
This means that households in the UK would have paid an average of £1,863 in annual interest repayments. Per person that’s £979 – 3.66% of average earnings.
According to the Office for Budget Responsibility’s March 2018 forecast, household debt is predicted to reach £2.296 trillion in Q1 2022.
This makes the average household debt £84,412 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £209.2 billion at the end of March 2018, remaining stagnant on last month.
However, this is up from £197.4 billion at the end of March 2017, and is an increase of £228.48 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,692 in March, up slightly from a revised £7,690 in February – and £434.85 extra per household over the year.
The average consumer credit borrowing stood at £4,041 per adult. This is unchanged on February.
Total credit card debt in April 2018 was £70.68bn. Per household this is £2,604.
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 £63 but reduces each month. If you paid £63 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 £0.3 billion in March 2018– or £9.68m a day.
Net mortgage lending grew by £0.3 billion in the month; net consumer credit lending rose by £0.1 billion as well.
In Q4 2017 they wrote off £637 million (of which £459 million was credit card debt) amounting to a daily write-off of £6.9 million.
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 £3.67 a day on water, electricity and gas.
304 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes and 44 seconds.
Cash machines were used an average of 90 times a second across the UK.
3,118 Consumer County Court Judgements (CCJs) were issued every day in 2017, with an average value of £1,493.
Citizens Advice Bureaux in England and Wales dealt with 4,244 new debt problems every day during March 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 348 per day from November to January 2018.
1,109 people a day reported they had become redundant between November and January.
Net lending to individuals in the UK increased by £9.68 million a day in March 2018.
The Government debt fell by £49m a day during 2018.
Borrowers would repay £139 million a day in interest in year, based on March 2017 trends.
It costs an average of £23.61 per day for a couple to raise a child from birth to the age of 18.
This comes to £28.48 per day for a lone parent family.
47 mortgage possession claims and 31 mortgage possession orders are made every day.
339 landlord possession claims and 268 landlord possession orders are made every day.