The Money Statistics September 2018

£58,658 Average total debt per UK household in July 2018

£32,220 Average student debt for 2016 cohort in England

£227.94 Increase in consumer credit, per adult in the UK, in the year to July 2018

94% First time buyer deposit, as percent of average salary, in July 2018

0.2% Average interest rate on instant access savings account in July 2018

18.35% Average credit card interest rate in July 2018

34% Proportion of income, including benefits, spent on rent by private renters

- 0.5% Change in house prices in August 2018 according to Nationwide

- £31 billion Change in Public Sector Net Debt (excluding debt to Bank of England) in the year to July 2018

UK Personal Debt

People in the UK owed £1.5955 trillion at the end of July 2018.

This is up from £1.5494 trillion at the end of July 2017– an extra £884.32 per UK adult, and £69.32 higher than the previous month.

The average total debt per household – including mortgages – was £58,658 in July. The revised figure for June was £58,525.

Per adult in the UK that’s an average debt of £30,636 in July – around 113.0% of average earnings – up 0.3% on last month. This is up from a revised £30,567 a month earlier.

Based on July 2018 trends, the UK’s total interest payments on personal debt over a 12 month period would have been £49,994 million.

That’s an average of £137 million per day.

This means that households in the UK would have paid an average of £1,838 in annual interest payments. Per person that’s £9603.54% of average earnings.

According to the Office for Budget Responsibility’s March 2018 forecast, household debt is forecast to reach £2.296 trillion in Q1 2022.

This makes the average household debt £84,412 (assuming that the number of households in the UK remained the same between now and then).

Outstanding consumer credit lending was £213.5 billion at the end of July 2018, increasing by £462m on last month.

This is also up from £201.6 billion at the end of July 2017 and is an increase of £227.94 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,848 in July, up slightly from a revised £7,831 in June – and £436.43 extra per household over the year.

The average consumer credit borrowing stood at £4,099 per adult. This is up from £4,090 last month.

Total credit card debt in July 2018 was £72.0bn. Per household this is £2,647.

For a credit card bearing the average interest, it would take 26 years and 6 months to repay if you made only the minimum repayment each month.

The minimum repayment in the first month would be £64 but reduces each month. If you paid £64 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 £3.61 billion in July 2018 – or £116m a day.

Net mortgage lending rose by £3.15 billion in the month; net consumer credit lending rose by £0.46 billion as well.

In Q2 2018 they wrote off £1.049bn (of which £309 million was credit card debt) amounting to a daily write-off of £3.3 million.

Everyday in the UK

The population of the UK grew by an estimated 1,074 people a day between 2016 and 2017.

On average, a UK household spends £4.34 a day on water, electricity and gas.

301 people a day were declared insolvent or bankrupt in April to June 2018. This was equivalent to one person every 4 minutes and 47 seconds.

In August 2018, cash machines were used an average of 94 times a second across the UK.

2,920 Consumer County Court Judgements (CCJs) were issued every day in Q2 2018, with an average value of £1,460.

Citizens Advice Bureaux in England and Wales dealt with 2,397 new debt problems every day during August 2018.

12 properties were repossessed every day in Q2 2018, or one every 2 hours.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 19 a day.

The number of people unemployed fell by 257 per day in the year to July 2018.

946 people a day reported they had become redundant in May to July 2018.

Net lending to individuals and housing associations in the UK grew by £116.5 million a day in July 2018.

Government debt fell by £84m a day in the year to July 2018.

Borrowers paid £138 million a day in interest in July 2018.

It costs an average of £23.61 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 £28.48 per day.

49 mortgage possession claims and 32 mortgage possession orders were made every day in April to June 2018.

324 landlord possession claims and 250 landlord possession orders were made every day.