UK Personal Debt
People in the UK owed £1.447 trillion at the end of August 2015. This is up from £1.414 trillion at the end of August 2014 – an extra £635 per UK adult.
The average total debt per household – including mortgages – was £54,178 in August. The revised figure for July was £54,047.
Per adult in the UK that’s an average debt of £28,578 in August – around 112% of average earnings. This is up from a revised £28,647 in July.
Based on August 2015 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £53.077 billion.
- That’s an average of £145 million per day.
- This means that households in the UK would have paid an average of £1,988 in annual interest repayments. Per person that’s £1,051 – 4.12% 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 £95,532 (assuming that the number of households in the UK remained the same between now and Q1 2021).
Outstanding consumer credit lending was £174.05 billion at the end of August 2015.
- This is up from £162.8 billion at the end of August 2014, and is an increase of £223.32 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,518 in August, up from a revised £6,506 in July – or £422.35 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,446 per UK adult in August. This is up from a revised £3,440 in July.
Total credit card debt in August 2015 was £62.4bn. Per household this is £2,337 – for a credit card bearing the average interest, it would take 25 years and 5 months to repay if you made only the minimum repayment each month.
The minimum repayment in the first month would be £55 but reduces each month. If you paid £55 every month, the debt would be cleared in around 5 years and 5 months.
Total net lending to individuals by UK banks and building societies rose by £4.3 billion in August 2015 – or £138.7m a day.
- Net mortgage lending rose by £3.4 billion in the month; net consumer credit lending rose by £0.9 billion.
UK Banks and Building Societies wrote off £2.950 billion of loans to individuals over the four quarters to Q2 2015.
Outstanding mortgage lending stood at £1.273 trillion at the end of August.
- This is up from £1.252 trillion at the end of August 2014.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £114,903 in August.
The average Mortgage Interest rate was 3.06% at the end of August. Based on this, households with mortgages would pay an average of £3,516 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 2.57%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,814 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.
On average, a UK household spends £3.34 a day on water, electricity and gas.
209 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 53 seconds.
35.8 million plastic card purchase transactions were made every day in July 2015, with a total value of £1.65 billion.
8.7m cash machine transactions were made every day in August with a value of £357m.
2,330 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,171.
Citizens Advice Bureau in England and Wales dealt with 6,323 new debt problems every working day during the year ending March 2015.
42 properties are repossessed every day, or one every 34 min 20 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 62 a day.
The number of people unemployed for over 12 months fell by 142 per day in Q2.
1,155 people a day reported they had become redundant between April and June.
Net lending to individuals in the UK increased by £323 a day.
The Government borrowed £390m a day during August 2015 (£4,518 per second).
Borrowers would repay £145m a day in interest over a year, based on August 2015 trends.
It costs an average of £29.91 per day to raise a child from birth to the age of 21.
53 mortgage possession claims and 38 mortgage possession orders are made every day.
398 landlord possession claims and 323 landlord possession orders are made every day.