Everyday in the UK
Personal Debt in the UK
The population of the UK grew by an estimated 777 people a day between 2019 and 2020.
- On average, a UK household spends £4.12 a day on water, electricity, and gas.
- 313 people a day were declared insolvent or bankrupt in England and Wales in July 2022 to September 2022. This was equivalent to one person every 4 minutes & 36 seconds.
- In Northern Ireland in September 2022, there were 5.1 insolvencies per day and in Scotland in the three months to June 2022 there was 22.4 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,058 debt issues every day in the year to September 2022.
- 6.9 properties were repossessed every day in April to June 2022 in the UK, or one every 3 hours and 28 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 21.5 a day in the year to June 2022.
- The number of people unemployed in the UK fell by 885 per day in the twelve months to August 2022.
- 739 people a day reported they had become redundant in June to August 2022.
- Net lending to individuals and housing associations in the UK grew by £166 million a day in August 2022.
- Government debt increased by £334 million a day in the three months to Setember 2022.
- Borrowers paid £135 million a day in interest in August 2022.
- It costs an average of £24.44 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 £29.50 per day.
- 38.2 mortgage possession claims and 26.2 mortgage possession orders were made every day in England and Wales in April to June 2022.
- 200 landlord possession claims and 157.4 landlord possession orders were made every day.
People in the uk owed £1,816.1 billion at the end of august 2022.
This is up by £70.4 billion from £1,745.7 billion at the end of august 2021, an extra £1,331.12 per uk adult over the year.
The average total debt per household, including mortgages, was £65,346.
Per adult this was £34,337, around 107.4% of average earnings. This is up from the revised £34,239 a month earlier.
Based on august 2022 numbers, the uk’s total interest payments on personal debt over a 12-month period would have been £49,286 million, an average of £135 million per day.
The average annual interest per household would have been £1,773 and per person £932, 2.92% of average earnings.
According to the office for budget responsibility’s march 2022 forecast, household debt of all types is forecast to rise from £2,019 billion in 2020 to £2,447 billion in 2025
This would make the average total household debt £85,906 (assuming household numbers track ons population projections.)
At the end of august 2022, outstanding consumer credit lending was £205.1 billion, rising by £690 million on the revised total for the previous month.
Within the total, outstanding credit card debt came to £62.4 billion, an increase of 8.47% in the year to august 2022. Credit card debt averaged £2,244 per household and £1,177 per adult.
A credit card on the average interest would take 25 years and 8 months to repay, making only the legal minimum repayments each month.
The minimum repayment in the first month would be £60 but would reduce each month. If £60 were paid every month, the debt would be cleared in around 5 years and 1 month.
Total net lending to individuals and housing associations by uk banks and building societies grew by £5.2 billion in august 2022 or £166 million a day over revised figures for july 2022.
Net mortgage lending rose by £4.5 billion in the month, while net consumer credit lending increased by £478 million.
In Q2 2022 lenders wrote off £601 million (of which £247 million was credit card debt, amounting to a daily write-off of £6.6 million.)
Statistics Source: http//www.themoneycharity.org.uk
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