UK Personal Debt
Money Workshops – Autumn bookings open
Being on top of their money improves wellbeing and helps people achieve their goals and live happier, more positive lives.
We are now taking bookings for in-house staff workshops – from lunch-hour sessions to full day courses.
Read more here.
Call Jasbinder on 0207 062 8933 or email [email protected] to discuss Money Workshops for your staff.
People in the UK owed £1.548 trillion at the end of July 2017. This is up from £1.489 trillion at the end of July 2016 – an extra £1033.06 per UK adult.
The average total debt per household – including mortgages – was £57,349 in July. The revised figure for June was £57,205.
Per adult in the UK that’s an average debt of £30,661 in July – around 116.2% of average earnings. This is slightly up from a revised £30,584 a month earlier.
Based on July 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £49.910 billion.
- That’s an average of £137 million per day.
- This means that households in the UK would have paid an average of £1,849 in annual interest repayments. Per person that’s £988 – 3.75% of average earnings.
According to the Office for Budget Responsibility’s March 2017 forecast, household debt is predicted to reach £2.322 trillion in Q1 2022. This makes the average household debt £86,001 (assuming that the number of households in the UK remained the same between now and then).
Outstanding consumer credit lending was £201.524 billion at the end of July 2017.
- This is up from £187.2 billion at the end of July 2016, and is an increase of £283.30 for every adult in the UK.
Per household, that’s an average consumer credit debt of £7,436 in July, up from a revised £7,407 in June – and £527.93 extra per household over the year.
It also means the average consumer credit borrowing stood at £3,893 per UK adult. This is up from a revised £3,878 in June.
Total credit card debt in July 2017 was £68.7bn. Per household this is £2,536 – for a credit card bearing the average interest, it would take 26 years and 1 month to repay if you made only the minimum repayment each month.
- The minimum repayment in the first month would be £61 but reduces each month. If you paid £60 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 £4.8 billion in July 2017 – or £155m a day.
- Net mortgage lending rose by £3.6 billion in the month; net consumer credit lending rose by £1.2 billion.
- In Q2 2017 they wrote off £550 million (of which £386 million was credit card debt) amounting to a daily write-off of £6 million.
Citizens Advice Bureaux across England and Wales dealt with 392,237 issues in April 2017.
Debt was the second largest advice category (behind benefits and tax credits) with 104,201 issues. This is 18% down on the same month last year. Debt issues represented 27% of all problems dealt with over the period.
Based on figures for April 2017, Citizens Advice Bureaux in England and Wales are dealing with 3,473 debt problems every day.
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 £3.40 a day on water, electricity and gas.
248 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.
46.2 million plastic card purchase transactions were made every day in May 2017, with a total value of £1.927 billion.
3,321 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £1,495.
Citizens Advice Bureaux in England and Wales dealt with 3,473 new debt problems every day during April 2017.
13 properties are repossessed every day, or one every one hour and 50 minutes.
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 13 a day.
The number of people unemployed for over 12 months fell by 203 per day between in the year to June.
1,230 people a day reported they had become redundant between April and June.
Net lending to individuals in the UK increased by £155 million a day.
The Government debt shrank by £6.5m a day during July 2017 (£75 per second).
Borrowers would repay £137 million a day in interest over a year, based on July 2017 trends.
It costs an average of £30.23 per day to raise a child from birth to the age of 21.
56 mortgage possession claims and 36 mortgage possession orders are made every day.
349 landlord possession claims and 274 landlord possession orders are made every day.