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UK Debt and Money Statistics

The latest statistics provided by The Money Charity show worrying signs that debt levels in the UK are not slowing down, leading to increasing concerns that lessons from the financial crisis of 2007-2008 have not been learnt.

The statistics included that consumer credit lending to individuals by UK banks in March 2016 actually rose by £1.9 billion. Furthermore outstanding consumer credit lending at the end of March 2016 was £182.4 billion which was up by £11.3 billion from £171.1 billion at the end of March 2015.

Credit Card debt in March 2016 had increased to £64.3 billion, per household this was the equivalent to £2,381; so for a credit card bearing the average interest rate, it would take approximately 25 years and 6 months to pay off making only the minimum payment each month.

Based on March 2016 trends, the UK’s total interest repayments on personal debts over a 12 month period would have been a staggering £52.8 billion, an average of £145 million per day!

Every day in the UK:

• ON AVERAGE, A UK HOUSEHOLD SPENDS £3.78 A DAY ON WATER, ELECTRICITY AND GAS.
• 222 PEOPLE A DAY ARE DECLARED INSOLVENT OR BANKRUPT. THIS IS EQUIVALENT TO ONE PERSON EVERY 6 MINUTES 13 SECONDS.
• 34 MILLION PLASTIC CARD PURCHASE TRANSACTIONS WERE MADE EVERY DAY IN JANUARY 2015, WITH A TOTAL VALUE OF £1.57 BILLION.
• 8.5M CASH MACHINE TRANSACTIONS WERE MADE EVERY DAY IN MARCH WITH A VALUE OF £344M.
• 2,102 CONSUMER COUNTY COURT JUDGMENTS (CCJS) ARE ISSUED EVERY DAY, WITH AN AVERAGE VALUE OF £2,030.
• CITIZENS ADVICE BUREAUX IN ENGLAND AND WALES DEALT WITH 3,957 NEW DEBT PROBLEMS EVERY DAY DURING THE QUARTER ENDING DECEMBER 2015.
• 25 PROPERTIES ARE REPOSSESSED EVERY DAY, OR ONE EVERY 57 MIN 40 SECONDS.
• THE NUMBER OF MORTGAGES WITH ARREARS OF OVER 2.5% OF THE REMAINING BALANCE FELL BY 35 A DAY.
• THE NUMBER OF PEOPLE UNEMPLOYED FOR OVER 12 MONTHS FELL BY 422 PER DAY BETWEEN NOVEMBER AND JANUARY.
• 1,207 PEOPLE A DAY REPORTED THEY HAD BECOME REDUNDANT BETWEEN NOVEMBER AND JANUARY.
• NET LENDING TO INDIVIDUALS IN THE UK INCREASED BY £300 MILLION A DAY.
• THE GOVERNMENT BORROWED £155M A DAY DURING MARCH 2016 (£1,792 PER SECOND).
• BORROWERS WOULD REPAY £145M A DAY IN INTEREST OVER A YEAR, BASED ON MARCH 2016 TRENDS.
• IT COSTS AN AVERAGE OF £30.23 PER DAY TO RAISE A CHILD FROM BIRTH TO THE AGE OF 21.
• 47 MORTGAGE POSSESSION CLAIMS AND 37 MORTGAGE POSSESSION ORDERS ARE MADE EVERY DAY.
• 398 LANDLORD POSSESSION CLAIMS AND 309 LANDLORD POSSESSION ORDERS ARE MADE EVERY DAY

Statistics provided by The Money Charity – May 2016