UK Debt Statistics – January 2012

UK Personal Debt

  • Outstanding personal UK debt stood at £1.451 trillion at the end of November 2011.
  • This is down from £1.455 trillion at the end of November 2010. Individuals owed nearly as much as the entire country produced in the four quarters between Q4 2010 and Q3 2011.
  • Outstanding secured (mortgage) lending stood at £1.244 trillion at the end of November 2011. This is up from £1.239 trillion at the end of November 2010.
  • Outstanding unsecured (consumer credit) lending stood at £208 billion at the end of November 2011.
    This is down from £216 billion at the end of November 2010.
  • Average household debt in the UK (excluding mortgages) was £7,982 in November. This is down from a revised £7,995 in October.
  • Average household debt in the UK (including mortgages) was £55,816 in November. This is slightly up from a revised £55,815 in October. Average amount owed per UK adult (including mortgages) was £29,543 in November. This was around 122% of average earnings.
  • Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £4,225 in November. The average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £110,608 in November.
  • Based in November 2011 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 £173 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 £2.045 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 £1.0 billion in total in November 2011. Net secured lending rose by £0.6 billion in the month; net consumer credit lending rose by £0.4 billion.
  • UK Banks and Building Societies wrote-off £7.6 billion of loans to individuals over the 4 quarters to Q3 2011. In Q3 2011 itself they wrote-off £1.43 billion (of which £716 million was credit card debt) amounting to a daily write-off of £15.68m.

Every Day in the UK

  • Based on the latest available data, Credit Action estimates that every day in the UK: 331 people are declared insolvent or bankrupt every day (based on Q3 2011 trends). This is equivalent to 1 person every 60 seconds during each working day.
  • 1,779 Consumer County Court Judgements (CCJs) are issued every day (based on Q3 2011 trends). The average value of a CCJ in Q3 2011 was £2,816.
  • Citizens Advice Bureaux in England and Wales dealt with 8,652 new debt problems every working day during the year ending September 2011.
  • It costs an average of £27.50 per day to raise a child from birth to the age of 21.
  • 101 properties are repossessed every day (based on Q3 2011 trends).
  • 88 new people a day became unemployed for over 12 months during the year ending October 2011.
  • 1,764 people a day reported they had become redundant between August and October 2011
  • The Government’s Public Sector Net Debt (including financial interventions) will grow by an average of £185,500,000 today, equivalent to £2,147 per second (based on November 2011 data).
  • The Government pays an estimated £139,320,000 of interest each day on the UK’s Public Sector Net Debt of £2305.6bn (including financial interventions).
  • 193 mortgage possession claims are issued and 153 mortgage possession orders are made every day
  • 402 landlord possession claims are issued and 274 landlord possession orders are made every day.

*statistics provided by Credit Action*

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