UK Personal Debt
People in the UK owed £1.459 trillion at the end of September 2014. This is up from £1.430 trillion at the end of September 2013 – an extra £572 per UK adult.
The average total debt per household – including mortgages – was £55,223 in September. The revised figure for August was £55,083.
Per adult in the UK that’s an average debt of £28,884 in September – around 116% of average earnings. This is up from a revised £28,810 in August.
Based on September 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £59.8 billion. That’s an average of £164 million per day. This means that households in the UK would have paid an average of £2,265 in annual interest repayments. Per person that’s £1,185 – 4.74% of average earnings.
Outstanding consumer credit lending was £165.1 billion at the end of September 2014. This is up from £158.6 billion at the end of September 2013, and is an increase of £128.79 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,251 in September, up from a revised £6,163 in August.
It also means the average consumer credit borrowing was £3,270 per UK adult in September. This is up from a revised £3,223 in August.
Total credit card debt in September 2014 was £58.5bn. Per household this is £2,214 – for a credit card bearing the average interest, it would cost £56 a month to clear the debt in five years or £38 a month to clear it in ten years.
Outstanding mortgage lending stood at £1.294 trillion at the end of September. This is up from £1.271 trillion at the end of September 2013.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £116,035 in September.
The average Mortgage Interest rate was 3.2% at the end of September. Based on this, households with mortgages would pay an average of £3,713 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 3.22%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,902 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 £29.65 per day to raise a child from birth to the age of 21.
On average, a UK household spends £3.00 a day on water, electricity and gas.
270 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 20 seconds.
32.5 million plastic card purchase transactions were made every day in August 2014, with a total value of £1.525 billion.
8.79m cash machine transactions were made every day in September with a value of £364m.
1,893 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,278.
Citizens Advice Bureaux in England and Wales dealt with 6,405 new debt problems every working day during the year ending June 2014.
71 properties are repossessed every day, or one every 20 min 15 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 64 a day.
The number of people unemployed for over 12 months fell by 532 per day.
1,033 people a day reported they had become redundant between June and August.
Government borrowed £394 million a day during September 2014 (£4,564 per second).
Net lending to individuals in the UK increased by £90m a day.
Borrowers would repay £164m a day in interest over a year, based on September 2014 trends.
118 mortgage possession claims and 87 mortgage possession orders are made every day.
423 landlord possession claims and 353 landlord possession orders are made every day.