UK Personal Debt Statistics – February 2012

UK Personal Debt

  • Outstanding personal debt stood at £1.451 trillion at the end of December 2011.
  • This is down from £1.454 trillion at the end of December 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 £1.245 trillion at the end of December 2011. This is up from £1.238 trillion at the end of December 2010.
  • Outstanding unsecured (consumer credit) lending stood at £207 billion at the end of December 2011. This is down from £216 billion at the end of December 2010.
  • Average household debt in the UK (excluding mortgages) was £7,948 in December. This is down from a revised £7,972 in November.
  • Average household debt in the UK (including mortgages) was £55,823 in December. This is up from a revised £55,818 in November.
  • The average amount owed per UK adult (including mortgages) was £29,547 in December. 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 £4,207 in December.
  • The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £110,703 in December.
  • Based on December 2011 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £62.6 billion. This is equivalent to £171 million per day. This means that UK households would have paid an average of £2,406 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 £0.4 billion in total in December 2011. Net secured lending rose by £0.7 billion in the month. Net consumer credit lending fell 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

  • 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 £28.44 per day to raise a child from birth to the age of 21.
  • 101 properties are repossessed every day (based on Q3 2011 trends).
  • 68 new people a day became unemployed for over 12 months during the year ending November 2011.
  • 1,797 people a day reported they had become redundant between September and November 2011.
  • The Government’s Public Sector Net Debt (including financial interventions) will grow by an average of £199,700,000 today, equivalent to £2,312 per second (based on December 2011 data).
  • The Government pays an estimated £138,080,000 of interest each day on the UK’s Public Sector Net Debt of £2329.9bn (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.
  • The UK population is projected to grow by 1,205 people a day over the next decade.
  • 26.2m plastic card purchase transactions were made every day in November 2011 with a total value of £1.252 billion.
  • 8.0m cash withdrawals will be made daily with a total value of £531m (based on Q3 2011 trends).
  • The average car costs £18.33 per day to run.
  • It costs £66.75 to fill a 50 litre tank with unleaded petrol in January.

*from creditaction.org.uk*

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