Striking UK Numbers - April 2019
30/4/2019 | Personal Debt Solutions
Striking Numbers - April 2019
• People in the UK owed £1.633 billion at the end of February 2019.
• This is up from £1.584 billion at the end of February 2018, an extra £942.39 per UK adult over the year.
• The average total debt per household, including mortgages, was £59,552 in January.
• Per adult this was £31,148, around 112.9% of average earnings. This is up from a revised £31,070 a month earlier.
• Based on February 2019 trends, the UK's total interest payments on personal debt over a 12-month period would have been £51,140 million, an average of £140 million per day.
• The average annual interest per household would have been £1,865 and per person £975, 3.5% of average earnings.
• According to The Office for Budget Responsibility's March 2019 forecast, household debt is forecast to reach £2.425 trillion in 2023-24.
• This would make the average household debt £86,388 (assuming household numbers track ons population projections.)
• At the end of February 2019, outstanding consumer credit lending was £216.3 billion, increasing by £152 million on the revised total for the previous month.
• Within the total, outstanding credit card debt came to £72.6 billion, an average of £2,649 per household £1,386 per adult.
• A credit card on the average interest would take 26 years and 7 months to repay, making only minimum repayments each month.
• Total net lending to individuals and Housing Associations by UK Banks and Building Societies rose by £4.05 billion in February 2019 or £145 million per day.
Everyday In The UK
• The population of the UK grew by an estimated 1,166 people a day between 2017 and 2018.
• On average, a UK household spends £4.05 a day on water, electricity and gas.
• 371 people a day were declared insolvenct or bankrupt in October to December 2018. This was equivalent to one person every 3 minutes and 53 seconds.
• 3,055 consumer County Court Judgements (CCJS) were issued every day in England and Wales in 2018, with an average value of £1,431.
• Citizens Advice Bureaux in England, Wales and Northern Ireland dealt with 2,511 debt issues every day in the year to March 2019.
• 12 properties were repossessed every day in Q4 2018, or one every 2 hours.
• The number of mortgages with arrears of over 2.5% of the remaining balance fell by 10 a day.
• Government debt increased by £79.7 million a day in the year to February 2019.
• It costs an average of £22.95 per day for a couple to raise a child from birth to the age of 18.
We have assisted many people with personal debt in the UK –view our testimonials here.
If you would like further information on personal debt solutions please contact Griffin & King Insolvency Practitioners on 01922 722205, and speak to Tim, Mark or Janet.
You can also contact Janet by email on firstname.lastname@example.org, or by text or calling on 07545 806 531.
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