UK Debt Statistics from Credit Action – July 2011

9,072
number of new debt problems dealt with by CAB each working day (as at March 2011)

1,271 people
made redundant daily

829,000
unemployed for > 12 month

£55,862
average household debt

£178m
personal interest paid in UK daily

£20.71m
daily write-offs of loans by banks & building societies

every 14 minutes
a property is repossessed

every 4.36 minutes
someone will be declared insolvent or bankrupt

£334,000,000
daily increase in Government national debt (PSDN)

£1,156,000,000
total value of all purchases made using plastic cards today

Note: This month we have started using a new method for calculating the number of debt problems dealt with by the CAB every working day, in order to provide a more accurate statistic. This means that the relevant headline figure appears to have dropped compared to last month. However, this decrease is simply a result of the new method we are using to calculate the figure, and should not be taken to reflect any underlying trend.

Total UK personal debt
Total UK personal debt at the end of May 2011 stood at £1,452bn. The twelve-month growth rate remained unchanged at 0.8%. Individuals currently owe nearly as much as the entire country has produced over the last 4 quarters (Q2 2010 to Q1 2011).

Total lending in May 2011 rose by £1.3bn; secured lending increased by £1.1bn in the month; consumer credit lending increased by £0.2bn (total lending in Jan 2008 grew by £8.4bn).

Total secured lending on dwellings at the end of May 2011 stood at £1,242bn. The twelve-month growth rate remained unchanged at 0.7%.

Total consumer credit lending to individuals at the end of May 2011 was £210bn. The annual growth rate of consumer credit decreased 0.1 percentage points to 1.4%.

UK banks and building societies wrote off £9.5bn of loans to individuals in the 4 quarters to end Q1 2011. In Q1 2011 they wrote off £1.89bn (£866m of that was credit card debt). This amounts to a write-off of £20.71m a day.

Average household debt in the UK is ~ £8,076 (excluding mortgages). This figure increases to £15,531 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 ~ £55,862 (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 £106,477 per household.

Today in the UK
331 people every day of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 60 seconds during a working day.
1,577 Consumer County Court Judgements (CCJs) were issued every day during Q1 2011 and the average judgement amount was £3,118.
Citizen Advice Bureaux dealt with 9,072 new debt problems every working day in England and Wales during the year ending March 2011.
The average cost of raising a child from birth to the age of 21 is £27.50 a day
100 properties were repossessed every day during Q1 2011
126 new people became unemployed for more than 12 months every day during the 12 months to end April 2011
1,271 people reported they had become redundant every day during 3 months to end April 2011
£334,000,000 is the amount that the Government Public Sector Net Debt (PSDN), including financial interventions, will grow today (equivalent to £3,865 per second).
£149,590,000 is the interest the Government has to pay each day on the UKs net debt of £2299.8bn (which includes financial interventions). This is estimated to rise to £182m a day in 2015-16.
220 mortgage possession claims will be issued and 160 mortgage possession orders will be made today
382 landlord possession claims will be issued and 265 landlord possession orders will be made today.
The UK population is projected to grow by 1,205 people a day over the next decade
24.1m plastic card purchase transactions will be made today with a total value of £1.156bn.
7.7m cash withdrawals will be made today with a total value of £528m
The average car will cost £16.08 to run today
It costs £68.05 on average to fill a car with a 50 litre tank with unleaded petrol.

Compiled monthly by John Davies (johndavies@creditaction.org.uk)
Source: Credit Action http://www.creditaction.org.uk