UK Debt Statistics from Credit Action – January 2011

Total UK personal debt at the end of November 2010 stood at £1,454bn. The twelve-month growth rate was unchanged at 0.8%. Individuals owe more than what the whole country produces in a year.

Total lending in November 2010 rose by £0.7bn; secured lending increased by £0.8bn in the month; consumer credit lending decreased by £0.1bn (total lending in Jan 2008 grew by £8.4bn).

Total secured lending on dwellings at the end of November 2010 stood at £1,240bn. The twelve-month growth rate decreased 0.1% to 0.8%.

Total consumer credit lending to individuals at the end of November 2010 was £214bn. The annual growth rate of consumer credit was unchanged at 0.6%.

UK banks and building societies wrote off £9.9bn of loans to individuals in the last 12 months to end Q3 2010. In Q3 2010 they wrote off £1.83bn (£740m of that was credit card debt). This amounts to a write-off of £20.10m a day.

Average household debt in the UK is ~ £8,495 (excluding mortgages). This figure increases to £16,336 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 ~ £57,706 (including mortgages).

If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to £109,928 per household.

Average owed by every UK adult is ~ £29,875 (including mortgages). This is 126% of average earnings.

Average outstanding mortgage for the 11.4m households who currently have mortgages now stands at ~ £108,936.

Britain’s interest repayments on personal debt were £65.1bn in the last 12 months. The average interest paid by each household on their total debt is approximately £2,582 each year.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,398 per average UK adult at the end of November 2010.

The Office for Budget Responsibility (OBR) predicts that household debt will be £1,823bn by end 2015 which is a growth of £159m a day. This would take the average household debt to £72,341 per household.

Today in the UK

·         372 people every day of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 53 seconds during a working day.

·         1,716 Consumer County Court Judgements (CCJs) were issued every day during Q3 2010 and the average judgement amount was £3,312.

·         The average person will save £2.73 every day.

·         Citizen Advice Bureaux dealt with 9,389 new debt problems every working day in England and Wales

·         The average cost of raising a child from birth to the age of 21 is £26 a day.

·         1,000 people are seeking some form of formal debt rescheduling every working day.

·         98 properties were repossessed every day during Q3 2010

·         449 people a day became unemployed for more than 12 months during the 12 months to end October 2010

·         1,732 people reported they had become redundant every day during 3 months to end October 2010

·         £349,000,000 is the amount that the Government Public Sector net debt (PSDN) will grow today (equivalent to £4,040 per second).

·         £127,400,000 is the interest the Government has to pay each day on the UKs net debt of £971 bn. This is estimated to rise to £182m a day in 2015-16.

·         207 mortgage possession claims will be issued and 154 mortgage possession orders will be made today

·         372 landlord possession claims will be issued and 248 landlord possession orders will be made today.

·         The UK population is projected to grow by 1,178 people a day over the next decade

·         24.1m plastic card purchase transactions will be made today with a total value of £1.153bn.

·         7.9m cash withdrawals will be made today with a total value of £530m

·         The average car will cost £16.08 to run today

Source: creditaction.org.uk