UK Debt 2010 September

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A selection of Debt Statistics from www.creditaction.org.uk released in September 2010.


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July 2010

  • £8,628 (a) average household debt (excluding mortgages) (Oct 2005 = £7,749)
  • £57,789 (b) average household debt (including mortgages) (Oct 2005 =  £46,085)
  • £108,825 (c) average outstanding mortgage (est) for the households that carry mortgage debt
  • £127 million (d) Daily amount of interest paid on personal debt in October 2012
  • £1,456 billion (e) Outstanding personal debt (£1.406 trillion at October 2011)
  • £1,239 billion (f) Outstanding mortgage lending (£1.243 trillion at October 2011)
  • £4,467 (g) Average consumer borrowing, via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans, per average UK adult

 

Total UK personal debt

The Office for Budget Responsibility (OBR) predicts that household debt will be £1,823bn by end 2015 which is a growth of £159m a day. This would take the average household debt to £72,341 per household.

UK banks and building societies wrote off £10.9bn of loans to individuals in the last 12 months to end Q2 2010. In Q2 2010 they wrote off £3.47bn (£2.14bn of that was credit card debt). This amounts to a write-off of £38.06m a day.


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Total lending in July 2010 rose by £0.3bn; secured lending increased by £0.1bn in the month; consumer credit lending rose by £0.2bn (total lending in Jan 2008 grew by £8.4bn).

Total consumer credit lending to individuals at the end of July 2010 was £217bn. The annual growth rate of consumer credit rose by 0.2% to 0.2%.

(a) Average household debt in the UK is ~ £8,628 (excluding mortgages). This figure increases to £18,000 if the average is based on the number of households who actually have some form of unsecured loan.

(b)Average household debt in the UK is ~ £57,789 (including mortgages).
If you add to this the March 2010 budget report figure for public sector net debt (PSND) expected in 2015-16 (excluding financial interventions) then this figure rises to £110,012 per household.

Average owed by every UK adult is ~ £29,918 (including mortgages). This is 126% of average earnings.

(c) Average outstanding mortgage for the 11.4m households who currently have mortgages now stands at ~ £108,825.

(d) £183m personal interest paid in UK daily

(e) Total UK personal debt at the end of July 2010 stood at £1,456bn. The twelve-month growth remained at 0.8%. Individuals owe more than what the whole country produces in a year.

(f) Total secured lending on dwellings at the end of July 2010 stood at £1,239bn. The twelve-month growth rate rose slightly to 1.0%.

(g) Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,467 per average UK adult at the end of July 2010.

Britain’s interest repayments on personal debt were £66.9bn in the last 12months. The average interest paid by each household on their total debt is approximately £2,656 each year. According to PwC the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt.

  • £38.06m daily write-offs of loans by banks & building societies
  • 1,666 people made redundant daily
  • 796,000 unemployed for > 12 month
  • 9,000 Number of new debt problems dealt with by CAB each day
  • £57,789 average household debt
  • every 14 minutes a property is repossessed
  • every 3.78 minutes someone will be declared insolvent or bankrupt
  • £351,500,000 daily increase in Government national debt (PSDN)
  • The average household debt will decrease by – £0.19 today (it grew by £11.11 a day in January 2008)
  • 381 people everyday of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 52 seconds during the working day.
  • 1,359 Consumer County Court Judgements (CCJs) were issued every day during Q2 2010 and the average judgement amount was £4,063.
  • In the last 12 months consumers saved an average of £2.80 every day
  • Citizen Advice Bureaus dealt with 9,000 new debt problems every day in England and Wales
  • The average cost of raising a child from birth to the age of 21 is £26 a day.
  • 1,000 people are seeking some form of formal debt rescheduling every working day.
  • 230,137 unsolicited telephone calls made to UK consumers daily by debt management and personal loan companies
  • 103 properties were repossessed every day during Q2 2010
  • 362 people a day became unemployed for more than 12 months during 3 months to end June 2010
  • 1,666 people reported they had become redundant every day during 3 months to end June 2010.
  • £351,500,000 is the amount that the Government Public Sector net debt (PSDN) will grow today (equivalent to £4,068 per second).
  • £126,580,000 is the interest the Government has to pay each day on the UKs net debt of £927.4 bn. This is estimated to rise to £182m a day in 2015-16.
  • 195 mortgage possession claims will be issued and 147 mortgage possession orders will be made today
  • 363 landlord possession claims will be issued and 255 landlord possession orders will be made today.
  • The UK population is projected to grow by 1,178 people a day over the next decade
  • 23.0m plastic card purchase transactions will be made today with a total value of £1.101bn.
  • 7.6m cash withdrawals will be made today with a total value of £492m
  • The average car will cost £15.13 to run today

Source: www.creditaction.org.uk


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