UK Personal Debt Statistics March 2014

March 10, 2014 No Comments

UK Personal Debt

Outstanding personal debt stood at £1.439 trillion at the end of January 2014. This is up from £1.424 trillion at the end of January 2013.

Outstanding secured (mortgage) lending stood at £1.278 trillion at the end of January 2014. This is up from £1.267 trillion at the end of January 2013.

Outstanding unsecured (consumer credit) lending stood at £160.8 billion at the end of January 2014. This is up from £156.7 billion at the end of January 2013.

Average household debt in the UK (excluding mortgages) was £6,087 in January. This is up from a revised £5,990 in December.

Average household debt in the UK (including mortgages) was £54,476 in January. This is up from a revised £54,331 in December.

The average amount owed per UK adult (including mortgages) was £28,675 in January. This is up from a revised £28,599 in December and was around 115% of average earnings.

Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £3,204 in January. This is up from a revised £3,153 in December.

The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £114,263 in January.

Based on January 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £59.3 billion. This is equivalent to £162 million per day. This means that UK households would have paid an average of £2,245 in annual interest repayments.

Total net lending to individuals by UK Banks and Building Societies rose by £2.1 billion in January 2014. Net secured lending rose by £1.4 billion in the month; net consumer credit lending rose by £0.7 billion.

UK Banks and Building Societies wrote-off £3.61 billion of loans to individuals over the four quarters to Q4 2013. In Q4 2013 itself they wrote-off £971 million (of which £560 million was credit card debt) amounting to a daily write-off of £10.6 million.

Everyday in the UK

266 people are declared insolvent or bankrupt every day (based on Q4 2013 trends). This is equivalent to one person every 5 minutes 25 seconds.
 
1,537 Consumer County Court Judgements (CCJs) are issued every day (based on Q4 2013 trends). The average value of a Consumer CCJ in Q4 2013 was £2,531.
 
There were at least 7,015 new debt problems every working day during the year ending September 2013.
 
It costs an average of £29.65 per day to raise a child from birth to the age of 21.
79 properties are repossessed every day (based on Q4 2013 trends).
 
The number of people unemployed for over 12 months during the year ending December 2013 fell by 93 per day.
 
1,216 people a day reported they had become redundant between October to December 2013.
 
Public Sector Net Borrowing (excluding financial interventions) was -£4,718 million in January 2014, meaning that the Government repaid an average of £157 million per day during the month (equivalent to £1,820 per second).
 
133 mortgage possession claims are issued and 103 mortgage possession orders are made every day.
 
483 landlord possession claims are issued and 354 landlord possession orders are made every day.
 
30.5 million plastic card purchase transactions were made every day in December 2013 with a total value of £1.469 billion.
 
7.94 million cash machine transactions were made every day in January with a total value of £311 million.
 
A new car in the £13,000 – £18,000 price bracket travelling 10,000 miles per year costs £16.23 per day to run.
 
It cost £64.80 to fill a 50 litre tank with unleaded petrol in February.