UK Debt Statistics for May 2012

UK Personal Debt

  • Outstanding personal debt stood at £1.458 trillion at the end of March 2012.
  • This is up from £1.451 trillion at the end of March 2011.
  • Individuals owed nearly as much as the entire country produced during the whole of 2011.
  • Outstanding secured (mortgage) lending stood at £1.250 trillion at the end of March 2012.
  • This is up from £1.240 trillion at the end of March 2011.
  • Outstanding unsecured (consumer credit) lending stood at £208 billion at the end of March 2012.
  • This is down from £211 billion at the end of March 2011.
  • Average household debt in the UK (excluding mortgages) was £7,903 in March.
  • up from a revised £7,884 in February.
  • Average household debt in the UK (including mortgages) was £55,436 in March.
  • This is up from a revised £55,384 in February.
  • The average amount owed per UK adult (including mortgages) was £29,681 in March. 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 £4,231 in March.
  • The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £111,419 in March.
  • Based on March 2012 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £62.8 billion.This means that UK households would have paid an average of £2,387 in annual interest repayments.
  • This is equivalent to £172 million per day.
  • This means that UK households would have paid an average of £2,387 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 £77,719 (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 lending by UK Banks and Building Societies rose by £1.4 billion in total in March 2012. N
  • et secured lending rose by £1.0 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:

  • 314 people are declared insolvent or bankrupt every day (based on Q1 2012 trends). This is equivalent to 1 person every 63 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.
  • Citizens Advice Bureaux 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).
  • 104 new people a day became unemployed for over 12 months during the year ending February 2012.
  • 1,907 people a day reported they had become redundant between December 2011 and February 2012.
  • The Government’s Public Sector Net Debt (including financial interventions) will fall by an average of £189,100,000 today, equivalent to £2,188 per second (based on March 2012 data).
  • The Government pays an estimated £128,690,000 of interest each day on the UK’s Public Sector Net Debt of £2181.0bn (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 growing by an estimated 1,342 people a day.
  • 0.4m plastic card purchase transactions were made every day in February 2012 with a total value of £1.501 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 £71.25 to fill a 50 litre tank with unleaded petrol in April

 

*Article and statistics from creditaction.co.uk *

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