UK Personal Debt
People in the UK owed £1.557 trillion at the end of September 2017. This is up from £1.505 trillion at the end of September 2016 – an extra £1,030.47 per UK adult.
The average total debt per household – including mortgages – was £57,490 in September. The revised figure for August was £57,311.
Per adult in the UK that’s an average debt of £30,096 in September – around 113.8%of average earnings. This is slightly up from a revised £30,012 a month earlier.
Based on September 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49.885 billion.
That’s an average of £137 million per day.
This means that households in the UK would have paid an average of £1,841 in annual interest repayments. Per person that’s £964 – 3.65%of average earnings.
According to the Office for Budget Responsibility’s March 2017 forecast, household debt is predicted to reach £2.322 trillion in Q1 2022. This makes the average household debt £86,001 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £204.232 billion at the end of September 2017.
This is up from £189.2 billion at the end of September 2016, and is an increase of £290.10 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,536 in September, up from a revised £7,503 in August – and £554.17 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,945 per UK adult. This is up from a revised £3,928 in August.
Total credit card debt in September 2017 was £69.4bn. Per household this is £2,562 – for a credit card bearing the average interest, it would take 26 years and 1 month to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £62 but reduces each month. If you paid £62 every month, the debt would be cleared in around 5 years and 4 months.
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 £3.32 a day on water, electricity and gas.
277 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 12 seconds.
46.7 million plastic card purchase transactions were made every day in May 2017, with a total value of £1.94 billion.
3,274 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £1,509.
Citizens Advice Bureaux in England and Wales dealt with 3,828 new debt problems every day during September 2017.
13 properties are repossessed every day, or one every one hour and 50 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 13 a day.
The number of people unemployed for over 12 months fell by 589 per day between in the year to September.
1,163 people a day reported they had become redundant between July and September.
Net lending to individuals in the UK increased by £158 million a day.
The Government debt grew by £8.2m a day during September 2017 (£95 per second).
Borrowers would repay £137 million a day in interest over a year, based on September 2017 trends.
It costs an average of £30.23 per day to raise a child from birth to the age of 21.
56 mortgage possession claims and 36 mortgage possession orders are made every day.
349 landlord possession claims and 274 landlord possession orders are made every day.