The Money Statistics November 2016

£1.503 trillion The total outstanding lending to individuals topped one and a half trillion by the end of September

£1,036 The growth in private debt, including mortgages, for every UK adult

£247.10 The amount of this growth that is unsecured debt

1.656 million The number of people classed as unemployed between June and August

£4,090 The growth in public sector net borrowing every second in September

£20.5 billion The gross mortgage lending in September

3.5% The highest English annual regional rent increase in the South East

1% The lowest English annual regional rent increase in the North East

£3,252 The average amount households with mortgages pay in interest over a year

UK Personal Debt

People in the UK owed £1.503 trillion at the end of September 2016. This is up from £1.451 trillion at the end of September 2015 – an extra £1036.58 per UK adult.

The average total debt per household – including mortgages – was £55,683 in September. The revised figure for August was £55,523.

Per adult in the UK that’s an average debt of £29,770 in September – around 113.7% of average earnings. This is slightly up from a revised £29,685 a month earlier.

Based on September 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£51.135 billion.

  • That’s an average of £140 million per day.
  • This means that households in the UK would have paid an average of £1,894 in annual interest repayments. Per person that’s £1,013 3.87% of average earnings.

According to the Office for Budget Responsibility’s July 2015 forecast, household debt is predicted to reach £2.551 trillion in Q1 2021. This makes the average household debt £94,481 (assuming that the number of households in the UK remained the same between now and Q1 2021).

Outstanding consumer credit lending was £188.7 billion at the end of September 2016.

  • This is up from £176.3 billion at the end of September 2015, and is an increase of £247.10 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,991 in September, up from a revised £6,963 in August – and  £462.19 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,737 per UK adult. This is up from a revised £3,722 in August.

Total credit card debt in September 2016 was £65.7bn. Per household this is £2,434 – for a credit card bearing the average interest, it would take 25 years and 6 months to repay if you made only the minimum repayment each month.

  • The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 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 £4.7 billion in September 2016 – or £157m a day.

  • Net mortgage lending rose by £3.1 billion in the month; net consumer credit lending rose by £1.5
  • billion.
  • In Q2 itself they wrote off  £504 million (of which £285 million was credit card debt) amounting to a daily write-off of £5.54 million.

Citizens Advice Bureaux across England and Wales dealt with 598,747 new enquiries in the three months between April and June 2016.

Debt was the second largest advice category (behind Benefits) with 371,000  issues. This unchanged on the same period last year. Debt issues represented 26% of all problems dealt with over the period.

Based on quarterly figures up to the end of June 2016, Citizens Advice Bureaux in England and Wales are dealing with 4,077 debt problems every working day.

  • CAB cite the loss of legal aid and falling trends in many individual debt types for the reduction in debt advice cases.

Everyday in the UK

The population of the UK grew by an estimated 1,286 people a day between 2014 and 2015.

On average, a UK household spends £3.44 a day on water, electricity and gas.

264 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 28 seconds.

40 million plastic card purchase transactions were made every day in July 2016, with a total value of £1.74 billion.

9m cash machine transactions were made every day in September with a value of £365m.

2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,030.

Citizens Advice Bureaux in England and Wales dealt with 4,077 new debt problems every day during the quarter ending June 2016.

17 properties are repossessed every day, or one every 1 hour and 26 minutes.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 39 a day.

The number of people unemployed for over 12 months fell by 233 per day between March and May.

1,322 people a day reported they had become redundant between June and August.

Net lending to individuals in the UK increased by £157 million a day.

The Government debt grew by £108m a day during September 2016 (£4,090 per second).

Borrowers would repay £140m a day in interest over a year, based on July 2016 trends.

It costs an average of £30.23 per day to raise a child from birth to the age of 21.

48 mortgage possession claims and 34 mortgage possession orders are made every day.

370 landlord possession claims and 306 landlord possession orders are made every day.