UK Personal Debt
People in the UK owed £1,647 billion at the end of July 2019.
This is up from £1,600 billion at the end of July 2018, an extra £888 per UK adult over the year.
The average total debt per household, including mortgages, was £59,319.
Per adult this was £31,220, around 110.5% of average earnings. This is up from a revised £31,145 a month earlier.
Based on July 2019 trends, the UK’s total interest payments on personal debt over a 12-month period would have been £50,815 million, an average of £139 million per day.
The average annual interest per household would have been £1,831 and per person £963, 3.4% of average earnings.
According to the Office for Budget Responsibility’s March 2019 forecast, household debt is forecast to reach £2.425 trillion in 2023-24.
This would make the average household debt £86,388 (assuming household numbers track ONS population projections.)
At the end of July 2019, outstanding consumer credit lending was £218.0 billion, increasing by £180 million on the revised total for the previous month.
Within the total, outstanding credit card debt came to £72.4 billion, an average of £2,609 per household and £1,373 per adult.
A credit card on the average interest would take 26 years and 7 months to repay, making only the legal minimum repayments each month.
The minimum repayment in the first month would be £66 but would reduce each month. If £66 were paid every month, the debt would be cleared in around 5 years and 3 months.
Total net lending to individuals and housing associations by UK banks and building societies rose by £3.91 billion in July 2019 or £126 million a day over revised figures for June.
Net mortgage lending rose by £4.086 billion in the month; net consumer credit lending fell by £0.180 billion.
In Q2 2019 lenders wrote off £1.166 billion (of which £414 million was credit card debt, amounting to a daily write-off of £4.5 million.)
Everyday in the UK
The population of the UK grew by an estimated 1,083 people a day between 2017 and 2018.
On average, a UK household spends £4.05 a day on water, electricity and gas.
340 people a day were declared insolvent or bankrupt in April to June 2019. This was equivalent to one person every 4 minutes and 14 seconds.
In Northern Ireland, there were 8 insolvencies per day and in Scotland 39 insolvencies per day.
Citizens Advice Bureaux in England and Wales dealt with 2,569 debt issues every day in the year to August 2019.
14 properties were repossessed every day in Q2 2019 in England and Wales, or one every 1 hour and 43 minutes.
The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 6 a day.
The number of people unemployed in the UK fell by 79 per day in the year to July 2019.
1,065 people a day reported they had become redundant in May to July 2019.
Net lending to individuals and housing associations in the UK grew by £126 million a day in July 2019.
Government debt increased by £102.5 million a day in the year to August 2019.
Borrowers paid £139 million a day in interest in July 2019.
It costs an average of £22.92 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 £28.16 per day.
68 mortgage possession claims and 44 mortgage possession orders were made every day in England and Wales in April to June 2019.
293 landlord possession claims and 235 landlord possession orders were made every day.