UK Personal Debt – Some Interesting Facts…
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- 33.8million plastic card purchase transactions were made every day in December 2014 – with a total value of £1.6 billion
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- People owe £1.5 trillion. Up from £1.44 trillion over one year – an increase of £574 per adult
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- The average total debt per household (including mortgages) is £55,000 – that’s an average debt per adult of £29,083 (up £48 from previous month) which is over 114% of average earnings
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- Outstanding mortgage lending is £1.3m. There are 11.1m households with mortgage debt and the average is £117,305.
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- The average mortgage interest rate is 3.17%. Households with mortgages pay an average of £3719 interest per year
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- 244 people a day enter a formal insolvency procedure (Bankruptcy, IVA or DRO)
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- 58 properties are repossessed and there are 77 mortgage possession claims each day
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- 1765 consumer county court judgements are issued daily, with an average value of £2527
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- Net lending to individuals increased by £77m per day
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- Outstanding consumer credit is £165.9billion. This is up from 159.1billion over one year – an increase of £204 for every adult
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- The average interest rate on credit cards bearing interest is 17.91%. The average household credit card debt is £2,922. For such a credit card it would take 25 years and 3 months to repay if only the minimum payment was made
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- Citizens Advice Bureaux dealt with 6389 new debt problems every working day
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- The number of people unemployed for over one year fell by 575 per day
If you know of any individuals that are struggling with debt we would be pleased to help. Please contact Tim or Cheryl on 01922 722205 for a no obligation review or visit www.griffinandking.co.uk
Most of these statistics were recorded on 31/1/15
