UK Debt Statistics – April 2012

April 18, 2012 No Comments

Outstanding personal debt stood at £1.457 trillion at the end of February 2012.

  • This is up from £1.452 trillion at the end of February 2011.
  • Individuals owed nearly as much as the entire country produced during the whole of 2011.

 

Outstanding secured (mortgage) lending stood at £1.249 trillion at the end of February 2012.

  • This is up from £1.241 trillion at the end of February 2011.

 

Outstanding unsecured (consumer credit) lending stood at £208 billion at the end of February 2012.

  • This is down from £212 billion at the end of February 2011.

 

Average household debt in the UK (excluding mortgages) was £8,002 in February.

  • This is down from a revised £8,005 in January.

 

Average household debt in the UK (including mortgages) was £56,058 in February.

  • This is up from a revised £56,016 in January.

 

The average amount owed per UK adult (including mortgages) was £29,671 in February. This was around 123% of average earnings.

 

Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £4,235 in February.

 

The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £111,358 in February.

 

Based on February 2012 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £63.1 billion.

  • This is equivalent to £172 million per day.
  • This means that UK households would have paid an average of £2,427 in annual interest repayments.

 

The Office for Budget Responsibility (OBR) predicts that total household debt will reach £2.044 trillion in Q1 2017.

  • This would mean that average household debt would reach £78,669 (assuming that the number of households in the UK remained the same between now and Q1 2017).

 

Net lending by UK Banks and Building Societies rose by £1.6 billion in total in February 2012.

  • Net secured lending rose by £1.2 billion in the month.
  • Net consumer credit lending rose by £0.4 billion.

 

UK Banks and Building Societies wrote-off £6.9 billion of loans to individuals over the 4 quarters to Q4 2011.

  • In Q4 2011 itself they wrote-off £1.48 billion (of which £907 million was credit card debt) amounting to a daily write-off of £16.23m.

 

Every Day in the UK

Based on the latest available data, Credit Action estimates that every day in the UK:

  • 318 people are declared insolvent or bankrupt every day (based on Q4 2011 trends). This is equivalent to 1 person every 62 seconds during each working day.
  • 1,473 Consumer County Court Judgements (CCJs) are issued every day (based on Q4 2011 trends). The average value of a Consumer CCJ in Q4 2011 was £2,949.
  • CAB in England and Wales dealt with 8,518 new debt problems every working day during the year ending December 2011.
  • It costs an average of £28.44 per day to raise a child from birth to the age of 21.
  • 93 properties are repossessed every day (based on Q4 2011 trends).
  • 30 new people a day became unemployed for over 12 months during the year ending January 2012.
  • 1,896 people a day reported they had become redundant between November 2011 and January 2012.
  • The Government’s Public Sector Net Debt (including financial interventions) will fall by an average of £165,300,000 today, equivalent to £1,913 per second (based on February 2012 data).
  • The Government pays an estimated £136,810,000 of interest each day on the UK’s Public Sector Net Debt of £2172.8bn (including financial interventions).
  • 196 mortgage possession claims are issued and 149 mortgage possession orders are made every day
  • 388 landlord possession claims are issued and 275 landlord possession orders are made every day.
  • The UK population is projected to grow by 1,205 people a day over the next decade.
  • 27.5m plastic card purchase transactions were made every day in January 2012 with a total value of £1.361 billion.
  • 8.1m cash withdrawals will be made daily with a total value of £547m (based on Q4 2011 trends).
  • The average car costs £18.33 per day to run.
  • It cost £69.25 to fill a 50 litre tank with unleaded petrol in March.

 

*statistics provided by Credit Action*