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.