The Money Statistics November 2018

-5.6% Change in the average real wage since pre-crash peak in February 2008

98% First-time buyer deposit as percentage of average salary, in September 2018

+ 41.5% Increase in first-time-buyer house prices since 2012

34% Proportion of income including benefits spent on rent by private renters

0.84% Average interest rate on a cash ISA in September 2018

18.63% Average credit card interest rate in September 2018

£59,008 Average total debt per UK household in September 2018

£32,220 Average student debt for 2016 cohort in England

- £38 billion Change in Public Sector Net Debt (excluding RBS and debt to Bank of England) in the year to September 2018

UK Personal Debt

People in the UK owed £1,605 billion at the end of September 2018.

This is up from £1,560 billion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month.

The average total debt per household, including mortgages, was £59,008 in September. The revised figure for August was £58,861.

Per adult in the UK that’s an average debt of £30,819 in September, around 113% of average earnings. This is up from a revised £30,742 a month earlier.

Based on September 2018 trends, the UK’s total interest payments on personal debt over a 12 month period would have been £51,506 million. That’s an average of £141 million per day.

This means that households in the UK would have paid an average of £1,894 in annual interest payments. Per person that’s £9893.62% of average earnings.

According to the Office for Budget Responsibility’s October 2018 forecast, household debt is forecast to reach £2.258 trillion in Q1 2022.

This would make the average household debt £83,041 (assuming that the number of households in the UK remained the same between now and then.)

Outstanding consumer credit lending was £215.2 billion at the end of September 2018, increasing by £929 million on last month.

This is also up from £203.9 billion at the end of September 2017, and is an increase of £217.25 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,912 in September, up slightly from a revised £7,878 in August, and £415.96 extra per household over the year.

The average consumer credit borrowing stood at £4,132 per adult, 15.1% of average earnings. This is up from £4,114 last month.

Total credit card debt in September 2018 was £72.4 billion. Per household this is £2,663.

For a credit card bearing the average interest, it would take 26 years and 7 months to repay if making only the minimum repayment each month.

The minimum repayment in the first month would be £65 but reduces each month. If £65 were paid 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 £3.99 billion in September 2018 or £133 million a day.

Net mortgage lending rose by £3.1 billion in the month; net consumer credit lending rose by £0.93 billion as well.

In Q2 2018 lenders wrote off £1.049 billion (of which £309 million was credit card debt) amounting to a daily write-off of £3.3 million.

Everyday in the UK

The population of the UK grew by an estimated 1,074 people a day between 2016 and 2017.

On average, a UK household spends £4.00 a day on water, electricity and gas.

273 people a day were declared insolvent or bankrupt in July to September 2018. This was equivalent to one person every 5 minutes and 16 seconds.

3,001 Consumer County Court Judgements (CCJs) were issued every day in Q3 2018, with an average value of £1,337.

Citizens Advice Bureaux in England and Wales dealt with 2,683 new debt problems every day during October 2018.

12 properties were repossessed every day in Q3 2018, or one every 2 hours.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 11 a day.

The number of people unemployed fell by 118 per day in the year to September 2018.

923 people a day reported they had become redundant in July to September 2018.

Net lending to individuals and housing associations in the UK grew by £133 million a day in September 2018.

Government debt fell by £104 million a day in the year to September 2018.

Borrowers paid £141 million a day in interest in September 2018.

It costs an average of £22.95 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 £27.90 per day.

53 mortgage possession claims and 34 mortgage possession orders were made every day in July to September 2018.

344 landlord possession claims and 257 landlord possession orders were made every day.