The Money Statistics October 2022

10.1% Inflation rate in the year to September 2022

8.2 pence per litre Decrease in the price of unleaded petrol in September 2022

13.5% Increase in average first-time buyer house price in the year to August 2022

£2,244 Average credit card debt per household in August 2022

8.47% Change in outstanding credit card balances in year to August 2022

£3,877 Total unsecured debt per UK adult in August 2022

£65,346 Average total debt per UK household in August 2022

22 years Time to save for a first-time buyer house deposit, saving at the average rate out of average UK income (at April to June 2022 rate of household saving)

UK Personal Debt

People in the UK owed £1,816.1 billion at the end of August 2022.

This is up by £70.4 billion from £1,745.7 billion at the end of August 2021, an extra £1,331.12 per UK adult over the year.

The average total debt per household, including mortgages, was £65,346.

Per adult this was £34,337, around 107.4% of average earnings. This is up from the revised £34,239 a month earlier.

Based on August 2022 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £49,286 million, an average of £135 million per day.

The average annual interest per household would have been £1,773 and per person £9322.92% of average earnings.

According to the Office for Budget Responsibility’s March 2022 forecast, household debt of all types is forecast to rise from £2,019 billion in 2020 to £2,447 billion in 2025.

This would make the average total household debt £85,906 (assuming household numbers track ONS population projections.)

At the end of August 2022, outstanding consumer credit lending was £205.1 billion, rising by £690 million on the revised total for the previous month.

Within the total, outstanding credit card debt came to £62.4 billion, an increase of 8.47% in the year to August 2022. Credit card debt averaged £2,244 per household and £1,177 per adult.

A credit card on the average interest would take 25 years and 8 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £60 but would reduce each month. If £60 were paid every month, the debt would be cleared in around 5 years and 1 month.

Total net lending to individuals and housing associations by UK banks and building societies grew by £5.2 billion in August 2022 or £166 million a day over revised figures for July 2022.

Net mortgage lending rose by £4.5 billion in the month, while net consumer credit lending increased by £478 million.

In Q2 2022 lenders wrote off £601 million (of which £247 million was credit card debt, amounting to a daily write-off of £6.6 million.)

Everyday in the UK

The population of the UK grew by an estimated 777 people a day between 2019 and 2020.

On average, a UK household spends £4.12 a day on water, electricity and gas.

313 people a day were declared insolvent or bankrupt in England or Wales in July to September 2022. This was equivalent to one person every 4 minutes and 36 seconds.

In Northern Ireland in September 2022, there were 5.1 insolvencies per day. In Scotland in the three months to June 2022 there were 22.4 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 2,058 debt issues every day in the year to September 2022.

6.9 properties were repossessed every day in April to June 2022 in the UK, or one every 3 hours and 28 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 21.5 a day in the year to June 2022.

The number of people unemployed in the UK fell by 885 per day in the twelve months to August 2022.

739 people a day reported they had become redundant in June to August 2022.

Net lending to individuals and housing associations in the UK grew by £166 million a day in August 2022.

Government debt increased by £334 million a day in the three months to September 2022.

Borrowers paid £135 million a day in interest in August 2022.

It costs an average of £24.44 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 £29.50 per day.

38.2 mortgage possession claims and 26.2 mortgage possession orders were made every day in England and Wales in April to June 2022.

200 landlord possession claims and 157.4 landlord possession orders were made every day.