UK Debt 2005 October

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A selection of Debt Statistics from www.creditaction.org.uk released in December 2005.


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October 2005

  • £7,749 average household debt (excluding mortgages)
  • £46,085 average household debt (including mortgages)
  • £xxx,xxx estimated average outstanding mortgage for the households that carry mortgage debt
  • £xxx million Daily amount of interest paid on personal debt
  • £1,138 billion Outstanding personal debt
  • £947 billion Outstanding mortgage lending
  • £4,106 Average consumer borrowing, via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans, per average UK adult
  • £186,723 Average house price (£96,340 in 1999)
  • £22,880 Average earnings (£17,803 in 1999)

 

Source: www.creditaction.org.uk

Total UK personal debt broke through the £1.1 trillion barrier (£1,100,000,000,000) in June 2005. This is 11 months since it broke through the £1 trillion barrier in July 2004.

Britain’s personal debt is increasing by £1 million every four minutes.


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At the end of October 2005 the total UK personal debt was £1,138bn. The growth rate remains strong at 10.2% for the previous 12 months. 2004 saw the largest single-year increase in debt (£116bn) since the Bank of England was founded in 1694.

Total secured lending on homes in October 2005 was £946.9bn.

Total consumer credit lending to individuals in October 2005 was £191.4bn.

Total lending in October 2005 grew by £8.9bn. Secured lending grew by £7.6bn in the month and consumer credit lending grew by £1.3bn in the month.

Average household debt in the UK is approximately £7,749 (excluding mortgages) and £46,085 including mortgages.

Average owed by every UK adult is approximately £24,420 (including mortgages). This is growing £180 every month.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,106 per average UK adult at the end of October 2005. This figure translates into a 10% increase on the previous year’s levels and a 45% increase since 2000.

The rapid increase in households’ borrowing has raised total debt to close to 150% of annualised aggregate post-tax income according to the Bank of England. They predict debt may continue to increase more rapidly than income over the next few years.

Since the turn of the century in just over 5.5 years (based on figures available at 1st December 2005):

  • Total UK personal debt has increased by £529bn (87%) from £609bn to £1,138bn
  • Total secured lending on homes has increased by £453bn (92%) from £494bn to £947bn
  • Total consumer credit lending has increased by £76bn (66%) from £115bn to £191bn
  • Total credit card debt has increased by £24.3bn (76%) from £32bn to £56.3bn
  • Base Rate has decreased by 1.5% from 5.5% to its current rate of 4.5%
  • Average house price has increased by £90,383 (94%) from £96,340 to £186,723
  • Average earnings have increased by £5,077 (28.5%) from £17,803 to £22,880

 

 


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