The Money Statistics May 2021

£61,435 Average total debt per UK household in March 2021

£3,712 Total unsecured debt per UK adult in March 2021

£1,945 Average credit card debt per household in March 2021

-21.7% Change in outstanding credit card balances in year to March 2021

447,000 Number of 18-24 year-olds unemployed in the three months to March 2021

1.2% Increase in private rental prices in the year to April 2021

9.5% Increase in average first-time buyer house price in the year to March 2021

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

UK Personal Debt

People in the UK owed £1,712.9 billion at the end of March 2021.

This is up by £27.1 billion from £1,685.8 billion at the end of March 2020, an extra £511 per UK adult over the year.

The average total debt per household, including mortgages, was £61,435.

Per adult this was £32,326, around 110.3% of average earnings. This is up from a revised £32,121 a month earlier.

Based on March 2021 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £44,575 million, an average of £122 million per day.

The average annual interest per household would have been £1,599 and per person £8412.87% 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 March 2021, outstanding consumer credit lending was £196.7 billion, falling by £957 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £54.2 billion, a decrease of 21.7% in the year to March 2021. Credit card debt averaged £1,945 per household and £1,023 per adult.

A credit card on the average interest would take 24 years and 4 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £51 but would reduce each month. If £51 were paid every month, the debt would be cleared in around 5 years and 1 month.

Total net lending to individuals and housing associations by UK banks and building societies rose by £10.9 billion in March 2021 or £351 million a day over revised figures for February 2021.

Net mortgage lending rose by £11.82 billion in the month, while net consumer credit lending fell by £957 million.

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 £4.20 a day on water, electricity and gas.

310 people a day were declared insolvent or bankrupt in England or Wales in February to April 2021. This was equivalent to one person every 4 minutes and thirty-eight seconds.

In Northern Ireland in April 2021, there were 7.5 insolvencies per day and in Scotland 22.1 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 1,673 debt issues every day in the year to April 2021.

2.1 properties were repossessed every day in January to March 2021 in the UK, or one every 11 hours and 22 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 15 a day in the year to March 2021.

The number of people unemployed in the UK grew by 705 per day in the twelve months to March 2021.

1,700 people a day reported they had become redundant in January to March 2021.

Net lending to individuals and housing associations in the UK grew by £351 million a day in March 2021.

Government debt increased by £818 million a day in the year to March 2021.

Borrowers paid £122 million a day in interest in March 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.

8.2 mortgage possession claims and 1.6 mortgage possession orders were made every day in England and Wales in January to March 2021.

71 landlord possession claims and 60.3 landlord possession orders were made every day.