Striking UK Numbers - March 2019
09/04/2019 | Personal Debt Solutions
Striking Numbers March 2019
£2,638: Average credit card debt per household in January 2019
1.9%: Increase in Consumer Prices Index in the year to February 2019
£59,409: Average total debt per UK household in January 2019
0.4%: Average increase in house prices in the year to February 2019, according to Nationwide
-5.3%: Change in the average real wage since pre-crash peak in February 2008
0.84%: Average interest rate on a cash ISA in January 2019
18.67%: Average credit card interest rate in January 2019
26 years and 5 months: Time to pay off average credit card debt making only the minimum payment each month
£4.56 billion: Public sector net surplus (excluding RBS and Bank of England) in the three months to January 2019
Every Day 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 £3.97 a day on water, electricity and gas.
Citizens Advice Bureaux in England, Wales and Northern Ireland dealt with 2,491 debt issues every day in the year to February 2019.
The number of people unemployed fell by 307 per day in the year to January 2019.
Government debt increased by £73.7 million a day in the year to January 2019.
Personal Debt in the UK
People in the UK owed £1.629 trillion at the end of January 2019. This is up from £1.579 trillion at the end of January 2018, an extra £952.50 per UK adult over the year.
The average total debt per household, including mortgages, was £59,409.
Per adult in the UK that’s an average debt of £31,073, around 112.4% of average earnings. This is up from a revised £30,992 a month earlier.
Mortgages, Rent and Housing
Outstanding mortgage lending stood at £1.413 trillion at the end of January 2019. This is up from £1.371 trillion a year earlier.
That means that the estimated average outstanding mortgage for the 10.9 million households with mortgage debt was £129,126 in January 2019.
The average mortgage interest rate was 2.48% at the end of January. Based on this, households with mortgages would pay an average of £3,202 in mortgage interest over the year.
For new loans, the average mortgage interest rate was 2.11%. Using the latest figures from UK Finance, this means new mortgages would attract an average of £3,007 in interest over the year.
According to UK Finance, gross mortgage lending in January 2019 totalled an estimated £21.6 billion, down 0.3% on December 2018.
Spending and Loans
In the year to December 2018, consumer credit increased by 6.6% according to UK Finance, while outstanding levels of credit card borrowing grew by 7.1%, slightly down on the rate of growth in early 2018.
In Q3 2018, households in the UK spent £108.8 million a day on water, electricity and gas, or £3.97 per household per day. On a seasonally adjusted basis, this was similar to Q2 2018.
The average interest rate on credit card lending bearing interest was 18.67% in January 2019. This is 17.92% above the Bank of England Base Rate of 0.75%.
Statistics Source: http//www.themoneycharity.org.uk
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