The Money Statistics October 2016

0.25% The new Bank of England base rate, which had stood at 0.5% since March 2009

£1.499 trillion The total outstanding lending at the end of August

0.3% The rise in house prices in September

6.648 million Employees had joined a pension scheme under auto-enrolment by the end of August 2016

£412.30 The growth in average consumer debt per household in the year to August

£55.11 The cost of filling a 50 litre petrol tank in August

4.14% The average interest rate on a loan of £10,000

£285 million The amount of credit card debt written off in Q2 2016

£775.67 The average monthly rent paid by private renters in 2014/15

UK Personal Debt

People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult.

The average total debt per household – including mortgages – was £55,504 in August. The revised figure for August was £55,350.

Per adult in the UK that’s an average debt of £29,675 in August – around 113.4% of average earnings. This is slightly up from a revised £29,592 a month earlier.

Based on August 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £52.255 billion.

  • That’s an average of £143 million per day.
  • This means that households in the UK would have paid an average of £1,935 in annual interest repayments. Per person that’s £1,035 3.95% 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 £187.9 billion at the end of August 2016.

  • This is up from £176.7 billion at the end of August 2015, and is an increase of £220.43 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,958 in August, up from a revised £6,912 in July – or £412.30 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,695 per UK adult. This is up from a revised £3,683 in June.

Total credit card debt in August 2016 was £65.7bn. Per household this is £2,432 – 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 £4.5 billion in August 2016 – or £145m a day.

  • Net mortgage lending rose by £2.9 billion in the month; net consumer credit lending rose by £1.6
  • 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.

There were 22,503 individual insolvencies in England and Wales in Q2 2016. This is equivalent to 247 people a day or, one person every 5 minutes 49 seconds. This was up 6.9% on the previous quarter and up 22.4% on  the same period a year ago.

Every day, on average, 39 people were made bankrupt, 74 Debt Relief Orders were granted, and 134 Individual Voluntary Arrangements were entered into.

In the 12 months ending Q2 2016, 1 in 541 adults (just under 0.18% of the adult population) became insolvent. This was the lowest rate in a decade.

2,305 Consumer County Court Judgements (CCJs) were issued every day in the six months to Q2 2016. The average value of a Consumer CCJ in Q2 2016 was £1,833.

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.

247 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 50 seconds.

41 million plastic card purchase transactions were made every day in June 2016, with a total value of £1.57 billion.

8.7m cash machine transactions were made every day in August with a value of £357m.

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 4,495 new debt problems every day during the quarter ending March 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 301 per day between March and May.

1,130 people a day reported they had become redundant between March and May.

Net lending to individuals in the UK increased by £145 million a day.

The Government had a surplus of £32m a day during April 2016 (£373 per second).

Borrowers would repay £143m 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.