Striking UK Numbers - May 2019
31/5/2019 | Personal Debt Solutions
• 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.
• 350 people a day were declared insolvent or bankrupt in January to March 2019. This was equivalent to one person every 4 minutes and 7 seconds.
• 3,567 Consumer County Court Judgements (CCJs) were issued every day in England and Wales in Q1 2019, with an average value of £1,398.
• Citizens Advice Bureaux in England, Wales and Northern Ireland dealt with 2,518 debt issues every day in the year to April 2019.
• 15 properties were repossessed every day in Q1 2019, or one every 1 hour and 34 minutes.
• The number of mortgages with arrears of over 2.5% of the remaining balance fell by 8 a day.
• The number of people unemployed fell by 326 per day in the year to March 2019.
• 1,022 people a day reported they had become redundant in January to March 2019.
• Net lending to individuals and housing associations in the UK grew by £146 million a day in March 2019.
• Government debt increased by £73.7 million a day in the year to April 2019.
• Borrowers paid £139 million a day in interest in March 2019.
• It costs an average of £22.95 per day for a couple to raise a child from birth to the age of 18.
• For a lone parent family, the cost of raising a child comes to £27.90 per day.
• 68 mortgage possession claims and 48 mortgage possession orders were made every day in January to March 2019.
• 337 landlord possession claims and 263 landlord possession orders were made every day.
Personal Debt in the UK
People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year.
The average total debt per household, including mortgages, was £59,540 and per adult was £31,142, around 113.1% of average earnings. This is up from a revised £31,055 a month earlier. Based on March 2019 trends, the UK's total interest payments on personal debt over a 12-month period would have been £50,731 million, an average of £139 million per day. The average annual interest per household would have been £1,850, and per person £968, 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.)
Statistics source: https://themoneycharity.org.uk/
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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.
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