Total UK personal debt up 0.8%

Total UK personal debt at the end of January 2010 stood at £1,463bn. The twelve month growth was 0.8%, reveal the results from Debt Facts and Figures – Compiled March 2010 by Credit Action.

Total lending in January 2010 rose by £2.0bn; secured lending increased by £1.5bn in the month; consumer credit lending increased by £0.5bn (total lending in Jan 2008 grew by £8.4bn).

Total secured lending on dwellings at the end of January 2010 stood at £1,237bn. The
twelve-month growth rate was 1.0%. Total consumer credit lending to individuals at the end of January 2010 was £225bn.

The annual growth rate of consumer credit was less negative at – 0.2%.

Average household debt in the UK is ~£8,939 (excluding mortgages). This figure increases to £18,623 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is ~£58,040 (including mortgages). If you add to this the December 2009 pre budget report figure for public sector net debt (PSND) expected in 2014-15 (excluding financial interventions) then this figure rises to £116,493 per household.

Average owed by every UK adult is ~ £30,306 (including mortgages). This is 129% of average earnings. Average outstanding mortgage for the 11.1m households who currently have mortgages now stands at ~ £111,474. Britain’s interest repayments on personal debt were £68.3bn in the last 12months.

The average interest paid by each household on their total debt is approximately £2,710 each year. According to PwC the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt. Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,667 per average UK adult at the end of January 2010.

source: myintroducer.com