The Money Statistics September 2022

9.9% Inflation rate in the year to August 2022

15 pence per litre Decrease in the price of unleaded petrol in August 2022

15.1% Increase in average first-time buyer house price in the year to July 2022

£2,230 Average credit card debt per household in July 2022

8.42% Change in outstanding credit card balances in year to July 2022

£3,864 Total unsecured debt per UK adult in July 2022

£65,151 Average total debt per UK household in July 2022

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

UK Personal Debt

People in the UK owed £1,810.7 billion at the end of July 2022.

This is up by £69.4 billion from £1,741.3 billion at the end of July 2021, an extra £1,311.51 per UK adult over the year.

The average total debt per household, including mortgages, was £65,151.

Per adult this was £34,235, around 107.5% of average earnings. This is up from the revised £34,117 a month earlier.

Based on July 2022 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £48,199 million, an average of £132 million per day.

The average annual interest per household would have been £1,734 and per person £9112.86% 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 July 2022, outstanding consumer credit lending was £204.4 billion, rising by £1.06 billion on the revised total for the previous month.

Within the total, outstanding credit card debt came to £62.0 billion, an increase of 8.42% in the year to July 2022. Credit card debt averaged £2,230 per household and £1,172 per adult.

A credit card on the average interest would take 25 years and 7 months to repay, making only the legal minimum repayments each month.

The minimum repayment in the first month would be £59 but would reduce each month. If £59 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 £6.2 billion in July 2022 or £208 million a day over revised figures for June 2022.

Net mortgage lending rose by £5.2 billion in the month, while net consumer credit lending increased by £549 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 £4.31 a day on water, electricity and gas.

311 people a day were declared insolvent or bankrupt in England or Wales in June to August 2022. This was equivalent to one person every 4 minutes and 38 seconds.

In Northern Ireland in August 2022, there were 4.0 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 2,052 debt issues every day in the year to August 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 910 per day in the twelve months to July 2022.

696 people a day reported they had become redundant in May to July 2022.

Net lending to individuals and housing associations in the UK grew by £208 million a day in July 2022.

Government debt increased by £409 million a day in the three months to August 2022.

Borrowers paid £132 million a day in interest in July 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.