UK Personal Debt
People in the UK owed £1.452 trillion at the end of July 2014. This is up from £1.428 trillion at the end of July 2013 – an extra £478 per UK adult.
The average total debt per household – including mortgages – was £54,979 in July. The revised figure for June was £54,864.
Per adult in the UK that’s an average debt of £28,756 in July – around 116% of average earnings. This is up from a revised £28,696 in June.
Based on July 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£59.1 billion. That’s an average of £162 million per day. This means that households in the UK would have paid an average of £2,236 in annual interest repayments. Per person that’s £1,171 – 4.70% of average earnings.
Outstanding consumer credit lending was £161.9 billion at the end of July 2014. This is up from £158.1 billion at the end of July 2013, and is an increase of £76.00 for every adult in the UK.
Per household, that’s an average consumer credit debt of £6,130 in July, down from a revised £6,102 in June.
It also means the average consumer credit borrowing was £3,206 per UK adult in July. This is up from a revised £3,192 in June.
Total credit card debt in July 2014 was £57.4bn. Per household this is £2,172 – for a credit card bearing the average interest, it would cost £54 a month to clear the debt in five years or £38 a month to clear it in ten years.
Outstanding mortgage lending stood at £1.290 trillion at the end of July. This is up from £1.270 trillion at the end of July 2013.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £115,742 in July.
The average Mortgage Interest rate was 3.22% at the end of July. Based on this, households with mortgages would pay an average of £3,727 in mortgage interest over the year.
For new loans, the average Mortgage Interest rate was 3.2%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,699 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.
It costs an average of £29.65 per day to raise a child from birth to the age of 21.
On average, a UK household spends £2.98 a day on water, electricity and gas.
297 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes 51 seconds.
33.1 million plastic card purchase transactions were made every day in June 2014, with a total value of £1.567 billion.
8.96m cash machine transactions were made every day in July with a total value of £369m.
1,893 Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,278.
Citizens Advice Bureaux in England and Wales dealt with 6,519 new debt problems every working day during the year ending March 2014.
71 properties are repossessed every day, or one every 20 min 15 seconds.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 59 a day.
The number of people unemployed for over 12 months fell by 468 per day.
1,220 people a day reported they had become redundant between April and June.
Government borrowed £7.7 million per day during July 2014 (equivalent to £89 per second).
Net lending to individuals in the UK increased by £110m a day.
UK borrowers would have paid £162m a day in interest, based on July 2014 trends.
118 mortgage possession claims and 87 mortgage possession orders are made every day.
423 landlord possession claims and 353 landlord possession orders are made every day.