CreditAction Debt Statistics – March 2013

March 12, 2013

Here are the latest debt statistics from CreditAction who compile these eyewatering statistics each month.

 

  • Outstanding personal debt stood at £1.422 trillion at the end of January 2013.
  • his is up from £1.408 trillion at the end of January 2012. At the end of January 2013, individuals owed nearly as much as the entire country produced during the whole of 2012.
  • Outstanding secured (mortgage) lending stood at £1.265 trillion at the end of January 2013. This is up from £1.248 trillion at the end of January 2012.
  • Outstanding unsecured (consumer credit) lending stood at £158 billion at the end of January 2013. This is down from £160 billion at the end of January 2012.
  • Average household debt in the UK (excluding mortgages) was £5,988 in January. This is up from a revised £5,955 in December.
  • Average household debt in the UK (including mortgages) was £53,972 in January. This is up from a revised £53,948 in December.
  • The average amount owed per UK adult (including mortgages) was £28,957 in January. This is up from £28,944 in December, and was around 117% of average earnings.
  • Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £3,213 in January. This is up from a revised £3,195 in December.
  • The estimated average outstanding mortgage for the 11.3m households that carry mortgage debt stood at £112,071 in January.
  • Based on January 2013 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £60.1 billion. This is equivalent to £165 million per day. This means that UK households would have paid an average of £2,282 in annual interest repayments.
  • The Office for Budget Responsibility (OBR) predicted in December 2012 that total household debt will reach £1.997 trillion in Q1 2018. This would mean that average household debt would reach £75,769 (assuming that the number of households in the UK remained the same between now and Q1 2018).
  • Net lending by UK Banks and Building Societies rose by £0.6 billion in total in January 2013. Net secured lending rose by £0.1 billion in the month. Net consumer credit lending rose by £0.4 billion.
  • UK Banks and Building Societies wrote-off £4.5 billion of loans to individuals over the 4 quarters to Q4 2012. In Q4 2012 itself they wrote-off £999 million (of which £469 million was credit card debt) amounting to a daily write-off of £10.92m.

Every Day in the UK

  • 277 people are declared insolvent or bankrupt every day (based on Q4 2012 trends). This is equivalent to one person every 5 minutes 12 seconds.
  • 1,374 Consumer County Court Judgements (CCJs) are issued every day (based on Q4 2012 trends). The average value of a Consumer CCJ in Q4 2012 was £2,615.
  • Citizens Advice Bureaux in England and Wales dealt with 8,308 new debt problems every working day during the year ending September 2012.
  • It costs an average of £29.02 per day to raise a child from birth to the age of 21.
  • 84 properties are repossessed every day (based on Q4 2012 trends).
  • 57 new people a day became unemployed for over 12 months during the year ending December 2012.
  • 1,585 people a day reported they had become redundant between October and December 2012.
  • Public Sector Net Borrowing (excluding financial interventions) was -£11.4bn in January 2013 (a repayment), meaning that the Government repaid an average of £368m per day during the month (equivalent to £4,256 per second).
  • 154 mortgage possession claims are issued and 111 mortgage possession orders are made every day
  • 426 landlord possession claims are issued and 297 landlord possession orders are made every day.
  • The UK population is growing by an estimated 1,342 people a day.
  • 28.2m plastic card purchase transactions were made every day in December 2012 with a total value of £1.387 billion.
  • 7.7m cash machine transactions were made every day in January 2013 with a total value of £291m.
  • The average new car costs £18.33 per day to run.
  • It cost £68.95 to fill a 50 litre tank with unleaded petrol in February.

http://www.creditaction.org.uk/helpful-resources/debt-statistics.html