Everyday in the UK
Personal Debt in the UK
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
- On average, a UK household spends £4.20 a day on water, electricity, and gas.
- 310 people a day were declared insolvent or bankrupt in England and Wales in February 2021 to April 2021. This was equivalent to one person every 4 minutes & thirty eight seconds.
- In Northern Ireland in April 2021, there were 7.5 insolvencies per day and in Scotland 22.1 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,673 debt issues every day in the year to April 2021.
- 2.1 properties were repossessed every day in January to March 2021 in the UK, or one every 11 hours and 22 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 15 a day in the year to March 2021.
- The number of people unemployed in the UK grew by 705 per day in the twelve months to March 2021.
- 1,700 people a day reported they had become redundant in January to March 2021.
- Net lending to individuals and housing associations in the UK grew by £351 million a day in March 2021.
- Government debt increased by £818 million a day in the year to March 2021.
- Borrowers paid £122 million a day in interest in Marchy 2021.
- It costs an average of £23.25 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 £28.22 per day.
- 8.2 mortgage possession claims and 1.6 mortgage possession orders were made every day in England and Wales in January to March 2021.
- 71 landlord possession claims and 60.3 landlord possession orders were made every day.
Reports continue to be published showing the impact of Covid-19 on the financial health of the country and individual households. The following are some of the new findings that have been published during the last month:
45% Proportion of 18-24 year-olds who have used Buy Now Pay Later (BNPL) in the last year (Citizens Advice)
43% Proportion of people whose employment has been affected by Coronavirus who have used BNPL in the last year (Citizens Advice)
1 in 4 Users of BNPL who have regretted using BNPL, the most common reason being that BNPL encouraged them to spend more than they could afford (Citizens Advice)
17% Proportion of UK households with a Covid-related income fall who have taken on debt in order to cover living expenses, compared to 9% in Germany and 8% in France (Resolution Foundation)
37% Proportion of UK people in debt who have high interest debts, compared to 9% in Germany and 7% in France, where personal loans are the most common form of debt (Resolution Foundation)
+6.4 points Increase in the Lowell Vulnerability Index for the UK in Q2 2020, reflecting the impact of the first Coronavirus lockdown. The index rose from 39.8 to 46.2 in three months. The index also showed wide geographic variation in the UK, from 39.1 in the South East to 50.9 in Northern Ireland and 57.5 in the North East (Lowell and Urban Institute)
36% Proportion of 18-24 year-olds who had a common mental disorder (CMD) such as anxiety or depression in January 2021. This compares to 30% before Covid-19, 51% in April 2020 and 30% in September 2020 (Resolution Foundation)
28% Proportion of young people reporting poor mental health who were furloughed on pay during Covid-19, the same proportion as for those whose employment was unaffected, showing the beneficial impact of the furlough scheme on mental health (Resolution Foundation)
10.1 million Number of adults in Great Britain showing signs of financial difficulty in January 2021, with 2.4 million in problem debt (StepChange)
Statistics Source: http//www.themoneycharity.org.uk
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